GENERAL KNOWLEDGE

Detailed explanation-1: -The factors of production in an economy are its labor, capital, and natural resources. Labor is the human effort that can be applied to the production of goods and services.

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 Labor is defined as any human input to an economic venture. As a factor of production, labor is any work performed by people contributing to a good or service’s production. Over time, labor has been identified as the main source of economic value by political and economic theorists.

Detailed explanation-4: -Labor-human effort used in production which also includes technical and marketing expertise. The payment for someone else’s labor and all income received from one’s own labor is wages. Labor can also be classified as the physical and mental contribution of an employee to the production of the good(s).