Complete the following statement:
Labour, as a factor of production, is defined as the __________ effort involved in the production of __________ and services - Leaving Cert Economics - Question 3 - 2012
Question 3
Complete the following statement:
Labour, as a factor of production, is defined as the __________ effort involved in the production of __________ and services. The ... show full transcript
Worked Solution & Example Answer:Complete the following statement:
Labour, as a factor of production, is defined as the __________ effort involved in the production of __________ and services - Leaving Cert Economics - Question 3 - 2012
Step 1
Labour, as a factor of production, is defined as the __________ effort involved in the production of __________ and services.
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Answer
Labour, as a factor of production, is defined as the human effort involved in the production of goods and services.
Step 2
The payment for labour is called __________.
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Answer
The payment for labour is called wages or salary.
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