Question

2. Labour (L)
The term labour means mental or physical exertion directed to produce goods or
services for getting income. Labour is an active factor of production. With the combination
of labour only, land and capital will be in use.
A
Characteristics of Labour: Let us identify the characteristics of labour. (1) Labour
is inseparable from the labourer himself. It implies that the labour is sold, but the
labourer cannot be sold by himself. (ii) Labour is highly ‘perishable in the sense
that a day's loss of labour cannot be stored and so it has no reserve price. (iii) Labour
has less mobility.

Answer 1

Answer:

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