Final answer:
Labor resources indeed encompass both the physical and intellectual efforts of a business's employees. Human effort in all its forms, including mental capacity and physical labor, contributes to various professional roles and overall economic productivity. Labor quality and human capital are crucial for innovation and efficient utilization of physical capital.
Step-by-step explanation:
The statement labor resources include both the physical and intellectual labor of a business's employees is True. Labor resources refer to the human effort that can be applied to the production of goods and services, which includes both physical and mental capacities. For example, contractors use intellectual labor when organizing blueprints and working within regulations, as well as physical labor when constructing projects. Similarly, a surgeon's work involves both mental and physical skills. Thus, the labor force is not only about the quantity but also about the quality of human capital that leads to innovation and efficient use of physical capital.
Labor influences economic growth, trade patterns, and it directly affects a nation's GDP. It is important to note that the labor force can change over time and is determined by the available talent, skills, and effort, which ultimately impacts the country's economy. It includes employed individuals as well as those who are currently unemployed but would like to work. The balance between labor, human capital, and physical capital is vital for maximizing productivity and economic development.