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Questions
Mention the characteristics of Labour.
Give two characteristics of labour.
Explain any four/five characteristics of labour as a factor of production.
Solution
- Labour is more perishable than other factors of production.
- Labour cannot be stored.
- Labour is an active factor in production.
- Labour is not homogeneous.
- Labour cannot be separated from the labourer.
- Labour is mobile.
- Individual labour has only limited bargaining power.
- He cannot fight with his employer for a raise in wages or improvement in workplace conditions.
- Labour sells his services and not himself.
Notes
Students should refer to the answer according to their questions.
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