![]() In return for their labor, workers receive a wage to buy the goods and services they don’t produce themselves. Labor is the amount of physical, mental, and social effort used to produce goods and services in an economy. Labor resources include the work done by the waiter who brings your food at a local restaurant as well as the engineer who designed the bus that transports you to school. Labor is the effort that people contribute to the production of goods and services. What are the economic resources of labor? Without workers, employers couldn’t produce goods and services and earn profits. Workers use tools and equipment to turn inputs into output. ![]() What is the importance of labor resources?Įmployers demand labor because workers are an important part of the production process. As demand for many goods and services slows, businesses must cut back production and often lay off workers. This often results in rising wages in some industries. finding enough people with the right skills to meet increasing demand. Labor represents the human factor in producing the goods and services of an economy. 6 Why are economic resources important to the economy?.5 Why is labour productivity important in economic development?.3 What is the importance of labour productivity?.1 Why is labor important to the economy?.
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