The factor of production called "labor" can be defined as the:
A)time spent by employees in the production of goods, but not services.
B)fraction of total costs spent on employees.
C)number of worker-hours a business uses at a given time.
D)number of people a business has access to at any given time.

Question

Quizplus · Accepted Answer

Labor, in the context of economics and production, refers to the amount of work done by humans that is used in the production of goods and services. This is best represented by the number of worker-hours a business uses at a given time, as it directly measures the human effort involved in production processes.

The Factor of Production Called "Labor" Can Be Defined as The