Labour as a Factor of Production
LABOUR: Labour is the mental or physical efforts of man which is directed towards the production of goods and services. Examples of labor are the work of farmers, carpenters, teachers, policemen etc. Features of Labour Labour is mobile i.e. can move from one location to another Labour controls other factors of production Labour has feelings Labour requires motivation Labour is not fixed Labour is a human factor The reward for Labour is WAGE The important peculiarities of labour are: Labour is inseparable from the labourer: Here labour means a quantum of work performed while labourer means who perform the work (e.g. labour). Therefore, the labour’s work has to be delivered in person. Labourer sells his services not himself: If labourer...