![]() ![]() Land and capital are inactive factors of production because they cannot produce anything on their own, but labour is an active factor. If a student plays a game (cricket or hockey) vigorously, with great exertion of body and mind for pleasure only or a mother looks after her child out of affection or a man works in a garden for pleasure/hobby then these exertions are not considered by economists as ‘labour’ because they have not done their physical and mental work with an objective of earning money. The work done by machines or animals is not ‘labour’. According to MARSHALL, “Any exertion of mind or body undergone partly or wholly with a view to some good other than the pleasure derived directly from the work is called labour”. Any effort or exertion undertaken for the sake of pleasure or social service is not considered as labour. It indicates the aggregate of all human physical and mental efforts used in creation of goods and services with a motive to earn money. Labour is the human resource of production. Labour- The Most Important Factor of Production 5. In this article we will discuss about:- 1.
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