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Is labour a major factor for business production.
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[QUOTE="Ayuba Ernest, post: 245020, member: 70169"] Labour is a critical input in the production of goods and services. The level of labour input affects the costs and the output of a business. Labour is a scarce resource and its cost is an important determinant of business production. The use of labour in production depends on the technology available, the organisation of work, the type of business and the level of skills of the workers. There are a few factors that go into any production equation, and labour is one of the most significant. Though it can be hard to determine an accurate value for it, labour is undeniably a huge part of most businesses. In some cases, labour may even be the most important factor in terms of production. When it comes to small businesses, for example, the hours put in by the owner and employees are often what drive the company’s success or failure. In fact, many small businesses are started by people who have an entrepreneurial mindset and are willing to put in the extra hours to make their venture. [/QUOTE]
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Is labour a major factor for business production.
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