Labor

Labor:

Labor is the human input to the production procedure. Alferd Marshall States labor as ‘the utilization or exertion of body or mind, partially or entirely, with a view to safe an income separately from the pleasure derived from work’.

Characteristics or Peculiarities of labor:

(A) Labor is unpreserved.

(B) Labor is an active factor of production. Neither land nor capital can give up much without labor.

(C) Labor is not homogeneous. The skill and dexterity differ from person to person.

(D) Labor can’t be separated from laborer.

(E) Labor is mobile. Man moves from one place to other from a low paid occupation to a high paid profession.

(F) Individual labor contains only limited bargaining power. He can’t fight with his employer for an increase in salary or enhancement in work-place circumstances. Though, whenever workers join to form trade unions, the bargaining power of labor rises.

Labor can suppose numerous forms. Breaking stones, digging earth, carrying loads include simple labor operations however labor also covers extremely qualified and skilled managers, engineers and technicians.

 

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