What are the Characteristics of labor economics?

Answer 1

Characteristics of Labour

Some of the characteristics of labour are as follows:

1. Labour is In-separable Form of Labourer

A 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 Production

As 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 perishable

A 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 Production

Labour 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 Himself

Labour 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 Production

Labour 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 mobile

Avery 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 Calculated

The 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 Efficiency

Alls 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.