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Is labour a major factor for business production.
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[QUOTE="btaliat, post: 247437, member: 26390"] There is none out of the factors of production that can be underestimated. But if we are to give them rank according to their level of importance, personally I will got with capital first before labour for many reasons. Capital is what we have to have first whenever we are thinking about setting up a business. What's the essence of having other factors of production without having the capital to execute it? Whereas people with money can do without labour. After all people can make use of their family members to execute some of their projects. This means when we can have alternative for labour, whereas there may not he alternative for capital. Entrepreneur will come second in the rank. This is because there will be wastage of money and effort and even labour if there is no good skill for entrepreneurship. This means that we cannot do without entrepreneur, which means labour should not be ranked higher than entrepreneur. Or would will underate the importance of land where the business will be situated. If we have the capital, the skill for entrepreneurship and no space or land for the setting up the business, to which extent now is the other factos ? [/QUOTE]
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Is labour a major factor for business production.
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