Which of the following is an example of a labor resource?
a. money
b. water
c. talent
d. electricity

The correct answer here is A: Money

Explanation:

This is given the definition of what labor resource is. In economics, the concept of labor resource, or factor of production, are defined as the means that are used in a production process to achieve the final goal; producing the goods that will be offered, be it produce or services. As such, these production factors, also known as resources, are the means that ensure that the production goals of a company are met. They are grouped into three major categories: land, labor and capital. Production factors are divided into two major groups, primary and secondary. Land, capital and labor are primary resources, while everything that has to do with material resources and energy production and consumption are considered secondary resources. This is why in this particular question, the correct answer is Money, as money is the capital, a primary resource, that will be used to ensure correct production.

Money is an example of labor resources.

In economics, the factor of production is a term that defines the output that is used in a production of goods and services so as to make economic profit. These entails all the resources required or needed to create the goods and services.

However, there are four factors of production and these include labor, land, capital and entrepreneurship.

These factors are also interpreted by organizations to be managements, machines, technology and knowledge, materials and labor. These factors are considered by scholars to be the new factors of production.

Labor as factor of production: labor is described as the effort used to bring good and services to the market. Company pays for effort of production workers in wages and this depends on the skills and training.

Labor by workers that are not skilled or educated are paid at low prices while labor by workers that are highly skilled and educated are paid high prices. High skilled and educated workers were paid huge amount of money because they are contributing more than physical ability to task.  

Characteristics of labor as a factor of production

LEARN MORE:

KEYWORDS:

answer; have joints that fail from excess by early the accumulated effects of unnoticed infections,all of these things are possible for a person born without the ability to feel pain;