Labour is an important factor in production. Ordinarily, labor refers to that manual labour rendered to accomplish a given task.
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– According to Marshall, “By Labour is meant the economic work of man, whether with hand or head.
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(1) Productive Labour: That labour is called productive labour which helps in satisfying our Such a labour creates utility.
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(2) Unproductive Labour: Unproductive labour does not succeed in its such labour does not satisfy any of our wants; as it fails to create any utility.
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(1) Human Factor: Labour is a human factor of production. It concerns with economy and a man.
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(2) Active Factor: It is an active factor of production. Other factors of production like la capital are passive
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(1) Basis of Production: Labour is an active and indispensable factor of production.
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(2) Basis of Consumption: Labour is a human factor of production. All production is ultimately meant to satisfy his wants.
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An example of labor is a construction worker building a house, using physical effort and skills to lay bricks.
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Labor is vital for economic growth, income generation, innovation, social stability, human capital development,
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