1.

State the meaning of labour as a factor of production.

Answer»

Labour:
The physical or intellectual work done by humans under supervision by some authority in order to earn returns is called labour.

Characteristics of labour:

  • Labour and labourer cannot be separated from each other.
  • Labour cannot be stored. So, we can say that labour i.e. effort done by a labourer is perishable.
  • The mobility of labour is influenced by social and economic reasons.
  • The efficiency of every labourer is different. This means that the capacity of every labourer to perform labour is different.
  • The supply of labour depends upon population.
  • The remuneration for labour is called ‘wages’.


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