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Question
Define the term labour as a factor of production.
Definition
Solution
- 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."
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