Labour is necessary to increase the production.elaborate the statement with example
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➡️Labour is perishable in nature. This simply means that it has to storage capacity, i.e. labour cannot be stored. If a worker does not turn up to work for one shift his labour of that shift is lost completely. It cannot be stored and utilized the next day. That labour is lost permanently. A laborer cannot store his labour to use at another time. So we say labour as a factor of production is highly perishable.
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In the simple sense of 'Labor,' we mean hard manual labour, often unqualified jobs. But the word labour, in Economics, means manual labor. This also requires intellectual labor.
Explanation:
- In nature labour is perishable. That simply means it has to store energy, i.e. it can't store labour. When, for one shift, a worker does not show up to work, his labor of that shift is absolutely lost. The next day it can't be processed and used. The labor is forever lost.
- In another point, a laborer can not save his work for use. Therefore we claim labor is extremely perishable as a form of growth.
- Workers working in factories, doctors 'clinics, lawyers, policemen and teachers are all involved in labor.
learn more about labour:
Which is not a characteristic of labour ?
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