What is Labour in addition to Labourer ? Meaning ↓
Usually, the term 'Labour' is used for 'worker'. But, technically, it is non correct. Labour in addition to Labourer (worker) are 2 unlike things.
Labour is an powerfulness to work. Labour is a wide concept because it includes both physical in addition to mental labour (as per to a higher identify picture). Labour is a original or human element of production. It indicates human resource.
Labourer is a individual who owns labour. So labourer way worker. It is a individual engaged inward simply about work.
Peculiarities / Features / Characteristics of Labour ↓
1. Labour is inseparable from labourer
Labour tin non live separated from labourer. Worker sells their service in addition to doesn't sell themselves.
2. Labour is a perishable factor
Labour tin non live stored. Once the labour is lost, it tin non live made up. Unemployed workers tin non shop their labour for hereafter employment.
3. Cost of producing a labour cannot live determined
It is slow to calculate production damage of a commodity produced inward an industry. But damage of producing a labour is a vague concept because it includes expenses incurred past times parents on didactics of their children in addition to other expenses incurred on them right from their nascency date. It is impossible to justice all such casts accurately.
4. Labour is an active element of production
Other factors similar land, upper-case alphabetic character are passive, but labour is an active element of production. Being a human being, this element has its ain feelings, likes in addition to dislikes, thinking power, etc. We tin accomplish amend character in addition to score of production, if province in addition to upper-case alphabetic character are employed properly inward unopen association amongst Labour. So without labour, nosotros cannot imagine the shine deport of production.
5. Labour is a heterogeneous factor
No 2 persons possess the same character of labour. Skills in addition to efficiency differs from individual to person. So, simply about workers are to a greater extent than efficient than others inward the same job.
6. Labour has imperfect mobility
Labour doesn't motion easily from 1 business to simply about other because of several factors similar identify unit of measurement in addition to cultural background, express educational in addition to technical skills, lifestyle, housing in addition to carry problems, linguistic communication barrier, adaptability to novel environments, etc.
7. Labour provide is inelastic inward general
Supply of labour depends upon many factors similar size of population, historic menses in addition to sexual activity composition, wishing to work, character of education, mental attitude towards work, etc. Thus, provide cannot live changed easily according to changes inward demand.
Hence, inward general, labour provide is inelastic. But for a detail industry, it may live relatively elastic.
8. Labour is a human capital
Society makes investment inward labour inward the forms of education, health, training, etc. This improves efficiency of labour. So, it is a human capital.
9. Trade unionism is a element of Labour
Workers collectively shape their organization which is known equally merchandise union. With this, they create practise amongst their employers in addition to at that spot past times secure higher reward in addition to amend working conditions. Such merchandise unionism is non possible inward other factors of production similar land, else industrial plant entirely inward representative of labour (labourer).
10. Labour has a derived demand
Like other factors of production, labour has a derived / indirect demand. It contributes to production process.
11. Labour is a Mean likewise equally an End
Labour is a hateful of production inward factory. But exterior the mill premises worker may live a consumer of that product. So, he powerfulness live an destination user of that commodity.
