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Question
Define labour.
Solution 1
Labour means the capacity to exert physical or mental effort for the purpose of producing a good or service.
Solution 2
Labour is another basic factor of production. In fact, land or any other factor, howsoever valuable is of little use unless labour is applied. By labour, we mean all types of human work, physical as well as mental, done with a view to earn income.
Solution 3
By labour we mean the work (mental or physical) done by a person to earn money (i.e. wage income).
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