Labour Economics

LABOUR – is one of the primary factors of production other factors include. Labour, capital and entrepreneurship derived demand, these are input wederive. Note that Labour is the collect name given to the productive service, embodied in human physical efforts, skill, intellectual power. e.t.c. There are different types of effort and skill content. This means that Labour input is not homogeneous according to the principle of economics production. Resources are relatively scarce or limited this means that the desire ofconsumer, business and governmental unit for goods and services exceed ourproductive capacity.