ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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work people do for pay to produce good and services
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actions people do for other people
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any physical object
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The money people get for inheritance
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Detailed explanation-1: -Labor refers to the effort expended by an individual to bring a product or service to the market. Again, it can take on various forms. For example, the construction worker at a hotel site is part of labor, as is the waiter who serves guests or the receptionist who enrolls them into the hotel.
Detailed explanation-2: -Producers/Production. People who use resources to make goods and services, also called workers./ The making of goods and services using resources.
Detailed explanation-3: -As an economy’s labor productivity grows, it produces more goods and services for the same amount of relative work. This increase in output makes it possible to consume more of the goods and services for an increasingly reasonable price.
Detailed explanation-4: -Features of labour: Labourers operate the machinery and manufacture products. They distribute the products manufactured in the factory. And they use their skills to produce the goods and services.
Detailed explanation-5: -Labor is the human effort that can be applied to the production of goods and services. Labor’s contribution to an economy’s output of goods and services can be increased either by increasing the quantity of labor or by increasing human capital.