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Question
Briefly explain why labour is considered to be the means and end of production.
One Line Answer
Solution
A labourer is both a means of production as well as the end of it. He produces goods and also consumes them. The demand for goods largely depends upon the level of wages in the country.
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Characteristics of Labour
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RELATED QUESTIONS
Read the following statements carefully and choose the correct alternative:
Assertion (A): Labour is perishable.
Reason (R): Capital is an active factor of production.
Explain the following characteristic of labour:
Labour can improve its efficiency.
Explain the following characteristic of labour:
Labour is perishable.
