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Q.

Choose given statement True/False:

Labour is indeed the most abundant factor of production.

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a

True

b

False

answer is A.

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Detailed Solution

The above statement is true.
Labour is indeed the most abundant factor of production. There are four main factors of production. Land, labour, physical capital, and human capital. Of all these, labour is the most abundant factor of production, while land is the most scarce factor. With the increase in the population at a greater rate, the number of people eligible for work is also increasing. But jobs are not being created at the speed with which the working population is increasing. This has created an abundance of labour for work.

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