Labour is a physical or mental effort of the human being in the process of production. It is an active factor of production. Actually, it is labour which in cooperation with the land makes production possible. Labour is also known as primary factors of production as its supplies are determined more or less outside the economic system itself.
Features of labour
1. Labour cannot be separated from the labourer.
= This peculiarity is found in labour alone. Other Factors of production like land and capital can be separated from its owner. But labourer cannot be separated from labour.
2. Labour is perishable
= Goods can be stored and sold in the future at a high price. But this is not applicable for labour. If a worker does not work on a particular day, his labour for that day is wasted. Labour is thus perishable.
3. Labour is mobile
= Capital is highly mobile. but certain types of capital in the form of factory buildings etc. are also immobile. Labour alone is a factor which is mobile. It can move from one place to another or from one occupation to another.
4. Labour has weak bargaining power
= A labourer cannot preserve his labour for the future so he has to sell his labour power. Aa a result, He cannot refuse employment. there are other many monetary reasons for the weak bargaining power of the labour.
Thus, human efforts done mentally or physically with the aim of earning an income is labour.
"Labor means occupation or work."
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