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Matthew

What does land and/or labor mean in Economic terms???

Mornay:

Land.
The entire material universe exclusive of people and their products.
Everything physical (other than human beings) which is not the result of human effort is within the economic definition of land. This concept thus includes not merely the dry surface of the earth, but all natural materials, forces and opportunities. The trees in a virgin forest are land; in a cultivated forest they are wealth.
Labor.
All human exertion in the production of wealth.
Mental toil is labor as well as muscular effort. All who participate in production by their mental and physical effort are laborers in the economic sense. Thus entrepreneurs as well as blue-collar workers are included. (In a larger sense, exertion expended in such services as acting, dentistry, teaching, etc., may be considered as labor, but for the sake of simplicity we are concentrating our attention on the production of wealth. The conclusions we reach will also be applicable to services. A service has all the characteristics of wealth except one: it is not material.)

DJ:

They are resources used in the production of goods and services.

Michelle:

Both are valuable resources for business to turn a profit. Without them there would be no brick and mortar businesses.
Economically speaking they are the foundations to which business can operate in society while engaging the demographic area in its prosperity by means of employment prospectus.

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