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Labor is perishable by natural law, and is inseparable from laborer
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∙ 9y ago
Labour is characterized by the physical or mental effort exerted by individuals to produce goods or services. It involves the use of skills, expertise, and time to contribute to the production process. Labour is a key factor of production in the economy alongside land and capital.
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What are the Characteristics of labor economics?
Characteristics of LabourSome of the characteristics of labour are as follows:1. Labour is In-separable Form of LabourerA Labourer cannot work without his labour. Whatever he performs is a result of his mental and physical exertion. Both cannot be separated from each other. The main driving force of a labourer is his labour. It may not happen that a labourer remains at home and ask his labour to go for work. It is covert i.e. it is present within a human being.2. Labour is Indispensable for ProductionAs a matter of fact production is not possible without labour. In other words production is the aftermath of labour. Labour is necessary to activate production process. Every aspect of production ranging from purchase of raw material to final distribution in the market entirely depends upon labour. As a general rule, "efficient labour gives efficient production."3. Labour is perishableA very important characteristic of labour is that it is perishable by natural law. It perishes with the passage of time. Since labour is present within a human being, therefore end of a laboures life means an end of labour as well. A loss of labour means loss forever.4. Labour is an Active Factor of ProductionLabour gives production itself. Nothing has to apply to start work except labour itself gives the performance and thus activates the production process. A noteworthy feature of this characteristic is that other factors of production cannot produce any thing without aid of labour.5. Labour Sells his Service not HimselfLabour falls within the category of service industry. It is an intangible product of labourer for which he is free to sell it to anyone he likes. The place where he is free to sell it to any one he likes. The place where he works and the people, who hire him, actually hire the labour service not him.6. Labour is Both Means and Ends of ProductionLabour is not only meant for producing. They are fully entitled to use what ever they have produced. Being human being the labour works for the satisfaction of their wants and their labour act as the means to achieve their ends i.e. their satisfaction.7. Labour is mobileAvery important characteristic of labour is that it is mobile in nature. It may be shifted from one place to another whenever and wherever it is needed. But how ever the laborers when get set at the particular working place not very easily move from there because they may be fully satisfied working there.8. Labour cannot be CalculatedThe amount of labour spent on a particular work cannot be calculated. It is almost impossible even to assume that how many units of labour are required to perform a particular work. Labour therefore is an immeasurable factor of production.9. Labours Differ in EfficiencyAlls the laboures are not alike there ability to do a work i.e. the labour differ from each other. A labour having high mental and physical capabilities to do a work differs from that having low physical and mental capabilities. This efficiency depends on a number of factors.
Why does SA have such a pro-labour labour legislation?
Why does sa have such pro-labour labour legislation
What is labour costing?
this is the study of labour which entails analysis and calculation of labour remuneration, recording of labour hours, introduction of incentives, recording of labour related cost and allocation of labour cost to products.
Marginal productivity of labour and the demand for labour .?
Graphically illustrate and explain the relationship between marginal productivity of labour and the demand for labour .
Definition of Labour and types of Labour?
Labour refers to all the various categories of skills and occupations found on the labour market. The types of labour are: SEMI- SKILLED UNSKILLED MANAGERIAL AND PROFESSIONAL
What is back labour?
Back labour is a feeling of intense pain in one's back while in labour.
Characteristic of a developed nation?
Low infant mortalityHigh life expectancyGood medical facilitiesGreat sanitationHigh standard of livingHigh levels of labour productivityLow level of unemployment and under employmentTechnologically advancedHigh Literacy rateMore agriculture productivity
Labor as a Factor of production?
1) labour is perishable.2) labour is inseparable.3) labour power differs from person to person.4) labour is mobile.5) indivigual laboyr has weak bargaining power.Blp jkl blm nlm 10,11,12 hlp
What is the remuneration of Labour?
Salary and wage is the remuneration of labour
What is labour labour turn over?
labour turn over refers to the rate at which employees join and leave the company
Duties of a labour prefect?
Duties of a labour prefect, He follow her boss and honesty.
How labor union demands affect supply?
If you mean supply of labour, labour unions restrict or decrease the supply of labour
