Answer the following questions.
What are the features of labour?
ANSWER:
Labour refers to the people who actually use the land and capital to produce goods. In other words, it is the exertion by the human body and mind, with the objective of earning a living.
The following are some of the features of labour:
i. Inseparable from the labourer - Labour cannot be separated from the labourer. For labour to occur, a labourer is required. This labourer is the individual who will do the work and get remunerated in return.
ii. Perishable in nature - Labour is considered perishable in nature because, if the labourer (worker) is absent for a day, that day’s labour (exertion) is gone forever and cannot be brought back.
iii. Inelastic supply - The working population of a country consists of individuals between the age group of 15-59. Therefore, at least in the short run, this pool of working people cannot be increased. As a result, supply of labour becomes inelastic.
iv. Restricted mobility - Certain factors like family problems, the geographical location, climatic conditions etc. often restrict the free flow of labour from one place to another.
v. Active factor of production- Unlike other factors, labour has feelings. It is the labour that makes the other factors productive. In this regard labour is said to be the active factor of production.
