Question

Define the term labour as a factor of production.

Answer 1

• The aggregate of all human, physical and mental effort used in creating goods and services is called labour.
• Labour is a primary factor in production. A nation's labour force is determined by the size of its adult population and the extent to which the adults are either working or are prepared to offer their labour for wages.
• "Labour consists of all human efforts of body or mind that are undertaken in the expectation of rewards."