ICSE Class X Economics 2018 Solved Papers
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Question : 5
Total: 35
Define the term labour as a factor of production.
Solution:
"Labour consists of all human efforts of body or mind, undertaken in expectation of a reward." -Thomas
A labour is considered to be the active factor of production. It is the means and end of production because on one hand it is the most important factor of production and on other hand it triggers the production due to increased consumption.
A labour is considered to be the active factor of production. It is the means and end of production because on one hand it is the most important factor of production and on other hand it triggers the production due to increased consumption.
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