GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Manual workers
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skilled workers
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Entrepreneurship
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Intellectual ideas
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Detailed explanation-1: -So we can say labour is not as mobile as some other factors of production like Capital. Hence, the Strong bargaining power is not a characteristic of Labour.
Detailed explanation-2: -Labour refers to the human capacity to exercise physical and mental efforts for the purpose of producing goods and services. Some of the features of labour are that it is inseparable from labourers, it is less mobile, it cannot be accumulated, and its supply and efficiency vary based on time and skills, respectively.
Detailed explanation-3: -Servicing is not a factor of a production process. The 4 factors of a production process includes: land, labour, capital and organization.
Detailed explanation-4: -Importance of labour It provides the required skills needed for production activity. It influences other factors of production since without labour, capital and land will remain idle. It is required for the operation of the machine in the industry. It helps to produce goods and services.