Solution:
Labour is a basic and active factor of production. Capital, Land, and raw material cannot initiate the production. Labour is needed for the production of goods, crops, and services.
The first factor of production is Land. Labour is considered to be the next basic factor of production.
Labour is a basic and active factor of production. Capital, Land, and raw material cannot initiate the production. Labour is needed for the production of goods, crops, and services.