ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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people with all their efforts and abilities
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individuals who start a new business or bring a product to market.
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the tools, equipment, and factories used in production of goods and services.
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The “gifts of nature” or natural resources not created by human effort.
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Detailed explanation-1: -Labor is the amount of physical, mental, and social effort used to produce goods and services in an economy. It supplies the expertise, manpower, and service needed to turn raw materials into finished products and services.
Detailed explanation-2: -Labour actually means any type of physical or mental exertion. In economic terms, labour is the efforts exerted to produce any goods or services. It includes all types of human efforts – physical exertion, mental exercise, use of intellect, etc. done in exchange for an economic reward.
Detailed explanation-3: -What are the four types of labor in economics? The four types of labor in economics are skilled, unskilled, semi-skilled, and professional.
Detailed explanation-4: -labour economics, study of the labour force as an element in the process of production. The labour force comprises all those who work for gain, whether as employees, employers, or as self-employed, and it includes the unemployed who are seeking work.