Labour is necessary to increase the production. elaborate with example

In economic terms, labour is the efforts exerted to produce any goods or services. It includes all types of human efforts – physical exertion, mental exercise, use of intellect, etc. done in exchange for an economic reward. Let us see the features of labour as a factor of production.

Explanation:

Resources required for generation of goods or services, generally classified into four major groups:

Land (including all natural resources),

Labor (including all human resources),

Capital (including all man-made resources), and.

Enterprise (which brings all the previous resources together for production).

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