Question

What do you understand by labour? Discuss its peculiarities​

Answer 1

Explanation:

Peculiarity # 1. Labour market transactions are particularly significant for the indi­vidual worker:

Much of a person’s lifestyle and relations with other people depend on the job he (or she) does. Furthermore, the employment of labour involves a continuing personal relationship between employers and em­ployees, whereas transactions in market for goods are often brief and impersonal.

Peculiarity # 2. Labour is an end and means in itself:

A commodity is only a means of production and the object of production is its consumption by labour. Labour, therefore, becomes a means to its own end.

Answer 2

Answer:

Labour is a living factor of production and therefore different from other factors of production. Characteristics that make it different are known as the peculiarities of labour. 1] The labourer sells his services and not himself – A worker is not a slave.

Explanation:

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