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Meaning and Features of Labour Post : Gaurav Akrani Date : 11/25/2010 10:21:00 AM IST No Comments Labels : Economics What is Labour and Labourer ? Meaning Usually, the term 'Labour' is used for 'worker'. But, technically, it is not correct. Labour and Labourer (worker) are two different things. NEW ARTICLES Essential Qualities of a Good Field Investigator Twelve Steps in Marketing Research Process Difference Between Market Research vs Marketing Research Is Marketing Research Scientific or Not? Explain Departments and Organizational Structure of Advertising Agency FEATURED Worlds Top 10 Most Poisonous Venomous Deadliest Snakes Balayam Nail Rubbing Exercise Cures Alopecia, Hair Loss, Bald 50 Health Benefits of Exercise - Find Benefits of Regular Exercise What is Credit Card? Meaning Definition Size Anatomy Top Inventions and Discoveries by Scientists - A to Z List - Science Stages in Evolution of Business from Local to Global ARTICLES COMMENTS Watch The Largest Glacier Calving Ever Filmed As Crew Chasing Ice Capture It On Real Time! | BuzzWok.com | The Best Buzzing Stories Frying In One Place (Buzzwok) 10/27/2014 What is Labour and Labourer ? Meaning and Features of Labour http://kalyan-city.blogspot.com/2010/11/what-is-labour-and-labourer-meaning-and.html 2/8 Labour is an ability to work. Labour is a broad concept because it includes both physical and mental labour (as per above picture). Labour is a primary or human factor of production. It indicates human resource. Labourer is a person who owns labour. So labourer means worker. It is a person engaged in some work. Peculiarities / Features / Characteristics of Labour 1. Labour is inseparable from labourer Labour can not be separated from labourer. Worker sells their service and doesn't sell themselves. 2. Labour is a perishable factor Labour can not be stored. Once the labour is lost, it can not be made up. Unemployed workers can not store their labour for future employment. NEW COMMENTS Explained in a simple manner....and it's usefu... I find this helpful but if this was presented with... Very useful and nicely explained in simple terms. ... Helpful information. ..!!!! More better either fro... Inflation is not good because it decrease the cons... CATEGORY Administrative Law Advertising Banking Blogger Business Development C Programming Communication Skills Distinguish Between How To Prepare Better For Exams ? Exam Skills For Students How To Prepare For Successful Job Interviews ? Best Interview Tips How To Summarize Passage ? 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Cost of producing a labour cannot be determined It is easy to calculate production cost of a commodity produced in an industry. But cost of producing a labour is a vague concept because it includes expenses incurred by parents on education of their children and other expenses incurred on them right from their birth date. It is impossible to estimate all such casts accurately. 4. Labour is an active factor of production Other factors like land, capital are passive, but labour is an active factor of production. Being a human being, this factor has its own feelings, likes and dislikes, thinking power, etc. We can achieve better quality and level of production, if land and capital are employed properly in close association with Labour. So without labour, we cannot imagine the smooth conduct of production. 5. Labour is a heterogeneous factor No two persons possess the same quality of labour. Skills and efficiency differs from person to person. So, some workers are more efficient than others in the same job. 6. Labour has imperfect mobility Labour doesn't move easily from one occupation to another because of several factors like family and cultural background, limited educational and technical skills, lifestyle, housing and transport problems, language barrier, adaptability to new environments, etc. 7. Labour supply is inelastic in general Supply of labour depends upon many factors like size of population, age and sex composition, desire to work, quality of education, attitude towards work, Economics Education Finance Health Industrial Psychology Internet Javascript Kalyan City Management Marketing Research Photos Production Planning Reptiles Science Snakes Study Notes Videos Youtube FINANCE What is Finance? Meaning Definition Features of Finance What is Financial Planning? Meaning Types of Financial Plans What is Financial Management? 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Commercial Banks - Definitions, Primary Secondary Functions 10/27/2014 What is Labour and Labourer ? Meaning and Features of Labour http://kalyan-city.blogspot.com/2010/11/what-is-labour-and-labourer-meaning-and.html 4/8 etc. Thus, supply cannot be changed easily according to changes in demand. Hence, in general, labour supply is inelastic. But for a particular industry, it may be relatively elastic. 8. Labour is a human capital Society makes investment in labour in the forms of education, health, training, etc. This improves efficiency of labour. So, it is a human capital. 9. Trade unionism is a factor of Labour Workers collectively form their organization which is known as trade union. With this, they bargain with their employers and there by secure higher wages and better working conditions. Such trade unionism is not possible in other factors of production like land, else works only in case 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 as well as an End Labour is a mean of production in factory. But outside the factory premises worker may be a consumer of that product. So, he might be an end user of that commodity. Search Meaning - What it Includes? What is Credit Rating? Meaning and Articles on Credit Rating Balance Sheet of Commercial Bank - Liabilities and Assets How to Open Bank Account ? 7 Steps To Open Bank Account What are the Advantages of Opening Bank Account ? Saving Account Bank - Meaning, Features and Advantages of It Fixed Deposit Account of Bank - Meaning, Features, Advantages What is Current Bank Account ? Its Features and Advantages Recurring Deposit Account In Bank - Meaning and Features What is a Cheque ? Definition - Kinds and Types of Cheques What are Features of Cheques ? Main Characteristics of Checks What is Crossing of Cheque ? 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