This factor of production refers to the effort that individuals exert when they produce a good or service. For example, an artist producing a painting or an author writing a book. This factor of production itself includes all types of work performed for an economic reward, such as mental and physical exertion. The value of work also depends on human capital, which is determined by the individual’s skills, training, education, and productivity. О каком факторе производства идет речь?