What is labor in economics? Labor is not considered a part of economics. Labor is one of the three resources of production, like land or capital. Labor is affected by economics, but is outside economic theory. Labor is the only real resource of production.

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Leroy Sims

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13 November, 16:41

What is labor in economics? Labor is not considered a part of economics. Labor is one of the three resources of production, like land or capital. Labor is affected by economics, but is outside economic theory. Labor is the only real resource of production.

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Kaylynn Ellison · Answer 1

The question is asking us "What is labor in economics?" and among the options, the best answer is that Labor is one of the three resources of production, like land or capital. Labor cannot be irrelevant for economics, since it can be bought for example, and since it has a value. it can also be exchanged for capital - when workers are being paid money for their labour.