. Write any three features of labour as a factor of production.
Answers
Explanation:
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.
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.