which of the following is a labor resource
Hello dear friends, solsarin in this article is talking about “which of the following is a labor resource”.
we are happy to have you on our website.
Choices concerning what goods and services to produce are choices about an economy’s use of its factors of production, the resources available to it for the production of goods and services.
The value, or satisfaction, that people derive from the goods and services they consume and the activities they pursue is called utility. Ultimately, then, an economy’s factors of production create utility; they serve the interests of people.
The factors of production in an economy are its labor, capital, and natural resources. Labor is the human effort that can be applied to the production of goods and services.
People who are employed or would like to be are considered part of the labor available to the economy. Capital is a factor of production that has been produced for use in the production of other goods and services. Office buildings, machinery, and tools are examples of capital. Natural resources are the resources of nature that can be used for the production of goods and services.
In the next three sections, we will take a closer look at the factors of production we use to produce the goods and services we consume. The three basic building blocks of labor, capital, and natural resources may be used in different ways to produce different goods and services, but they still lie at the core of production.
We will then look at the roles played by technology and entrepreneurs in putting these factors of production to work. As economists began to grapple with the problems of scarcity, choice, and opportunity cost two centuries ago, they focused on these concepts, just as they are likely to do two centuries hence.
Labor
Labor is human effort that can be applied to production. People who work to repair tires, pilot airplanes, teach children, or enforce laws are all part of the economy’s labor. People who would like to work but have not found employment—who are unemployed—are also considered part of the labor available to the economy.
In some contexts, it is useful to distinguish two forms of labor. The first is the human equivalent of a natural resource. It is the natural ability an untrained, uneducated person brings to a particular production process.
But most workers bring far more. The skills a worker has as a result of education, training, or experience that can be used in production are called human capital. Students who are attending a college or university are acquiring human capital. Workers who are gaining skills through experience or through training are acquiring human capital. Children who are learning to read are acquiring human capital.
The amount of labor available to an economy can be increased in two ways. One is to increase the total quantity of labor, either by increasing the number of people available to work or by increasing the average number of hours of work per week. The other is to increase the amount of human capital possessed by workers.
Capital
Long ago, when the first human beings walked the earth, they produced food by picking leaves or fruit off a plant or by catching an animal and eating it. We know that very early on, however, they began shaping stones into tools, apparently for use in butchering animals. Those tools were the first capital because they were produced for use in producing other goods—food and clothing.
Modern versions of the first stone tools include saws, meat cleavers, hooks, and grinders; all are used in butchering animals. Tools such as hammers, screwdrivers, and wrenches are also capital.
Transportation equipment, such as cars and trucks, is capital. Facilities such as roads, bridges, ports, and airports are capital. Buildings, too, are capital; they help us to produce goods and services.
Capital does not consist solely of physical objects. The score for a new symphony is capital because it will be used to produce concerts. Computer software used by business firms or government agencies to produce goods and services is capital. Capital may thus include physical goods and intellectual discoveries. Any resource is capital if it satisfies two criteria:
1.The resource must have been produced.
2.The resource can be used to produce other goods and services.
One thing that is not considered capital is money. A firm cannot use money directly to produce other goods, so money does not satisfy the second criterion for capital. Firms can, however, use money to acquire capital. Money is a form of financial capital. Financial capital includes money and other “paper” assets (such as stocks and bonds) that represent claims on future payments. These financial assets are not capital, but they can be used directly or indirectly to purchase factors of production or goods and services.
Natural Resources
There are two essential characteristics of natural resources. The first is that they are found in nature—that no human effort has been used to make or alter them.
The second is that they can be used for the production of goods and services. That requires knowledge; we must know how to use the things we find in nature before they become resources.
Consider oil. However, 250 years ago oil was a nuisance, not a natural resource.It became a natural resource because people discovered and implemented a way to use it.
Defining something as a natural resource only if it can be used to produce goods and services does not mean that a tree has value only for its wood or that a mountain has value only for its minerals. If people gain utility from the existence of a beautiful wilderness area, then that wilderness provides a service. The wilderness is thus a natural resource.
Technology and the Entrepreneur
Goods and services are produced using the factors of production available to the economy. Two things play a crucial role in putting these factors of production to work.
The first is technology, the knowledge that can be applied to the production of goods and services. The second is an individual who plays a key role in a market economy: the entrepreneur.
An entrepreneur is a person who, operating within the context of a market economy, seeks to earn profits by finding new ways to organize factors of production.
The interplay of entrepreneurs and technology affects all our lives. Farmers and factory workers, engineers and electricians, technicians and teachers all work differently than they did just a few years ago, using new technologies introduced by entrepreneurs.
Related Work
Among the related researches on the allocation of labor resources in state-owned enterprises in my country, representative studies include the following.
Wang and Yang [6] use key variables into the tree modeling method, through linear causality analysis, to create the overall labor resources in state-owned enterprises in our country incentive and feedback the causal structure model, and then analyze the relationship and the mechanism of action between employee satisfaction and performance appraisal mechanism through the analysis of the control archetype.
The research mainly focuses on the microfields of labor resource allocation in our state-owned enterprises and does not systematically study labor resource allocation as a whole from the macro perspective.
Zhang and others [7] proposed to improve the allocation of labor resources and incentive mechanisms on the basis of the bank’s property rights system and internal governance structure. The research mainly focuses on qualitative analysis and research. The present situation and goals of labor resource allocation are all based on qualitative analysis. Professor Zhao et al.
1. Overall Strengthening
The optimal allocation of labor resources for project-oriented enterprises should strengthen the overall labor resource functions of the enterprise.
From an overall perspective, the labor resources of the entire enterprise can be dynamically and effectively allocated among all the projects of the enterprise, and the labor resource cost of the entire enterprise should be reduced. Improve the project quality of the entire enterprise and maximize the role of human resources.
2. Dynamic Adjustment
Project-oriented enterprises are guided by a large number of project activities, which indicates that their labor resources are in a dynamic organizational environment, and personnel need to constantly adjust and optimize allocation among different projects.
3. Energy Level Correspondence
A person may have multiple skills, each person has a different skill level for different tasks, and each task of each project requires different skill levels for the personnel. The optimal allocation of labor resources should correspond to the energy level.
The skill level of each person corresponds to the skill level required by the project and the company’s various positions.
Person-post matching, in layman’s terms, is to select people with qualifications for the post according to the quality requirements of different posts.
Experts and scholars define it as based on the six major factors of corporate strategy, corporate scale, corporate development, employee quality, technical factors, and environmental factors, through job analysis and design, description, training, planning, evaluation, incentives and constraints, process control, etc., to achieve the matching between individuals and positions.
