Creative concepts co. and retail investment, inc., form a joint venture to purchase and sell high–end real estate to foreign buyers. creative concepts contributes $400,000 in capital, and retail investment contributes $600,000 in capital. the first year resulted in $2,000,000 in profits. unless otherwise agreed, joint venturers:

In economic terms, labour is the efforts exerted to produce any goods or services. It includes all types of human efforts – physical exertion, mental exercise, use of intellect, etc. done in exchange for an economic reward. Let us see the features of labour as a factor of production.

Explanation:

Resources required for generation of goods or services, generally classified into four major groups:

Land (including all natural resources),

Labor (including all human resources),

Capital (including all man-made resources), and.

Enterprise (which brings all the previous resources together for production).