Question

plz answer fast how labour is an impo. factor of production I will make him brainlist and I will give him 100 points first tell the above question answer for class 9​

Answer 1

Answer:

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Explanation:

Factors of Production – Labour

Labour actually means any type of physical or mental exertion. In economic terms, labour is the efforts exerted to produce any goods or services. It includes all types of human efforts – physical exertion, mental exercise, use of intellect, etc. done in exchange for an economic reward. Let us see the features of labour as a factor of production.

Characteristics of Labour as a Factor of Production

1] Perishable in Nature

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.

Browse more Topics under Theory Of Production And Cost

Meaning of Production

Factors of Production – Land

Factors of Production – Capital

Factors of Production – Entrepreneur

Production Function

The Law of Diminishing Returns

Returns to Scale (Production Function)

Production Optimisation

2] Labour is Inseparable from the Labourer

This means the physical presence of the laborer is compulsory. To sell his services the laborer has to be physically present at the place of production of goods or services. We cannot separate him and his labour power. So we cannot expect a welder to do his work from home, he has to present at the site of the work.

3] Human Effort

Labour is a unique factor of production in comparison with others. It is directly related to human effort, unlike the others. So there are certain special factors we must take into consideration when it comes to labour. Fair treatment of workers, rest times, suitable work environment, idle time, etc are just some such factors.