ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What are some examples of labor as a factor of production? Labor is the effort that people contribute to the production of goods and services. Labor resources include the work done by the waiter who brings your food at a local restaurant as well as the engineer who designed the bus that transports you to school.

Detailed explanation-2: -Labor as a factor of production refers to the effort that individuals exert when they produce a good or service. For example, an artist producing a painting or an author writing a book. Labor itself includes all types of labor performed for an economic reward, such as mental and physical exertion.

Detailed explanation-3: -Labor as a Factor of Production Put simply, labor is the human effort required to produce a good or service. Labor includes both physical and intellectual work of employees, and its value depends on the skills, training, and productivity of the workforce.

Detailed explanation-4: -Land as a factor of production. As a factor of production, land can take on various forms-from raw property to commercial real estate. Labor as a factor of production. Capital as a factor of production. Entrepreneurship as a factor of production. 15-Feb-2021