The factor of production called Labour produce the basic needs.
Let understand that the factor of production are essentially what are used in production process to produce goods and services for final consumers.
- Land, Labor, Capital and Entrepreneur are the four factors of production. Successful production process relies on the functionality of these factors.
- The land encompasses where resources and raw materials are derived.
- The capital involves the money spent during production.
- The Labor involves manpower of human required in the production process.
In conclusion, the Labor is the term that describes the physical effort of the manpower to produce the basic needs of the consumers.
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