Question

As a factor of production, what does the term labor mean?

Answer 1

Factors of production is an economic term that describes the inputs used in the production of goods or services in order to make an economic profit. ... The factors of production include land, labor, capital and entrepreneurship.

Answer 2

Answer:

The political economists such as David Ricardo and Karl Marx used to consider land, labor and capital as the factors of production. Its modern definition was derived from the neoclassical views, it considers capital and labor as the factor of production. Labor is the effort made by a person for bringing a service or product to the market. A waiter and a construction worker, are the examples of labor. Labor done by untrained and uneducated workers are paid less as compared to the labor of a trained and educated person.