Updated: Aug 20, 2021

One of the primary factors of production, labour’is the collective name given to the productive services embodied in human physical effort, skill, intellectual powers, etc. As such, there are of course a large number of types of labour input, varying in effort and skill content, and in particular types of skill content. It is often a useful theoretical simpliflcation, however, to talk of the quantity of labour as if ii were homogeneous.

Reference: The Penguin Dictionary of Economics, 3rd edt.

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James Knight
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James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.