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 Form 1 Business Studies online video lessons on production

Features of land as a factor of production

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Answer Text:
Labour.
-Refers to human mental and physical effort applied in production process.
-Also known as human resources.
Features of land.
-Services of a labourer cannot be stored, they are
highly perishable. Idle labour becomes wasted.
-Services cannot be separated from the labourer or service provider.
-Labourers sell their labour and not themselves.
-It is human with ability to think and capacity to get annoyed.
-Productivity is improved through incentives, training and job security.
-Labour is mobile geographically
-Reward of labour is wages, salaries,Commissions, fees, or royalties.
-It is a basic factor of production.


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