Question
State four characteristics of labor as a factor of production.
Answer
- Services offered by labor cannot be stored
- Cannot be separated from the laborer
- It's supply can be increased over a period of time
- It differs in terms of levels of education
- Productivity is improved through education /training
- Cannot be separated from the laborer
- It's supply can be increased over a period of time
- It differs in terms of levels of education
- Productivity is improved through education /training
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