What is Labor? Discuss its features. |
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| Ans : Generally, by labor we mean the physical work done by the unskilled workers such as collies. But in economics, human efforts done mentally or physically with the aim of earning income is known as labor. Thus labor is a physical or mental effort of human beings for the production of goods and services.
Land is a passive factor whereas labor is an active factor of production. Without labor others factors of production namely land, capital and organization cannot operate. Therefore labor is known as active factor of production.
Features of Labor
a) Labor is an active factor of production:- Labor is an active factor of production because without labor other factor such as land, capital and organization cannot be operated.
b) Labor is mobile:- Labor is mobile factor of production. It can move from one place to another or from one occupation to another.
c) Labor is perishable:- Labor is highly perishable factor of production because it cannot be stored for future. If a labor does not work for a day then his/her labor for the particular day is lost forever.
d) Labor cannot be separated from laborer:- Labor cannot be separated from laborer, the laborer has to go himself to specify his place to deliver his labor. That is why when a worker falls ill, he cannot sell his labor.
e) The laborer sells his service, not himself:- Laborer only sells their mental and physical capacity to do work, not themselves. For example, a doctor is paid for rendering certain service. We pay for the service of doctor, not for doctor himself.
f) Efficiency of labor varies from laborer to laborer:- The efficiency of labor to do any particular work varies from laborer to laborer because different laborer have different skill, knowledge, training, talent, etc.
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