Write a short note on factors of production-land and labour.

1.	Write a short note on factors of production-land and labour.
Answer» (i) Land : The meaning of land is not the soil alone or the surface of the Earth, but it refers to all the free gifts of nature, in which in addition to land, in common language, natural resources, water, air, light, heating, mines and soil fertility is included. Land cannot be shifted from one place to other like labour and capital. Land is limited and of varying fertility. (ii) Labour : Labour is a physical or mental effort of human being in the process of production for economic purpose. Any work done for the sake of pleasure or love does not represent labour in economics. It is directly connected with human efforts. The workers’ efficiency differs from one worker to other.

Answer»

(i) Land : The meaning of land is not the soil alone or the surface of the Earth, but it refers to all the free gifts of nature, in which in addition to land, in common language, natural resources, water, air, light, heating, mines and soil fertility is included. Land cannot be shifted from one place to other like labour and capital. Land is limited and of varying fertility.

(ii) Labour : Labour is a physical or mental effort of human being in the process of production for economic purpose. Any work done for the sake of pleasure or love does not represent labour in economics. It is directly connected with human efforts. The workers’ efficiency differs from one worker to other.

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