Labour as a factor of production

Which of the following best defines "labour" as a factor of production?

• Natural resources used in production

• The financial investment in a business

• Human effort, skills, and time used to produce goods and services

• Machinery and tools used in production

Which of the following is NOT considered an example of labour?

• A chef preparing a meal

• A teacher giving a lecture

• A doctor performing surgery

• A machine assembling cars

Which type of labor requires specific skills but not advanced judgment?

• Unskilled labour

• Semi-skilled labour

• Skilled labour

• Highly skilled labour

The labour market consists of the supply of labour (workers) and the demand from:

• the government

• automated machines

• retail markets

• employers seeking to fill roles

What is the primary benefit of investing in employee training and education?

• Reduces company expenses by 50%

• Increases workforce adaptability and efficiency

• Lowers employee wages

• Prevents employee turnover

Which of the following sentences best describes "human capital"?

• The skills, knowledge, and experience employees bring to a business

• Physical resources like machinery and equipment

• A company’s financial investments

• Policies that govern employee conduct

Which factor can improve a business's adaptability?

• Reducing employee benefits

• Limiting technology use

• Having employees who can quickly learn new skills

• Relying on a single product