Land and Labour

Land and labour are fundamental resources in the production of goods and services. Land refers to natural resources provided by nature, such as soil, minerals, water, and forests. It is a fixed asset used in production. Labour represents human effort—physical and mental—that goes into creating goods or services. Labour involves the skills, effort, and time contributed by workers. Both land and labour are essential inputs; land supplies raw materials, while labour transforms these resources into finished products, supporting economic activity and growth.