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State four charac
The requirements based on which production of goods and services depend on are termed as factors of production. There are four factors of production. They are land, labour, physical capital and human capital.
a. Labour refers to the people who do the work.
b. The skill set of labour depends highly on the nature of production.
c. Some activities require highly educated and skilled labour.
d. Many other activities require less education but skill in their respective work areas.
e. Certain other production requires simple manual work.
f. Farming requires a lot of manual work. Sometimes small farmers get their families involved in cultivating their land.
Labour, in short, is the total of the productive knowledge and skill set a person has with which he can contribute to the productivity of the field in which he or she is involved.
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