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Labor is the effort that a person devotes to a task for which that person is paid.
It includes the medical aid provided by a doctor and the tightening of a clamp by an assembly line worker.
"Ambitious leaders who decide how to combine land, labor, and capital resources to create new goods and services"
Economists call the resources that are used to make all goods and services the facots of production.
Economists use the term land to refer to all natural resources used to produc goods and services.
Ex: Land and labor available to grow potatoes to make french fries are limited.
Physical capital is limited to create the french fries.
Any human-made resource that is used to produce other goods and services.
The knowledge and skills a worker gains through education and experience.
Is the factor of production because it can save people and companies a great deal of time an money.
Ex; Suppose you live in a house hold of 6 and it takes you 21hrs a week to wash dishes, but with a dishwasher you can do all that in just 5 1/4 hrs having more time for yourselves.
Typical benefits of Physical Capital
The ability to perform labor so as to perform economic value. People can invest in themselves as well.
Economy requires both Physical and Human Capital to produce goods and services.