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Labour as a factor of production

Labor as factor of production is any human effort used productively (with an output of goods or services) for which payment is made. Honorary work and work for enjoyment are excluded
Special Features of Labour

Perish ability - cannot be stored, today's effort cannot be saved for tomorrow; Inseparability from labour - cannot be transferred by owner; Immobility as compared to capital and enterprise; Supply of labour not adjustable in short run (it takes 20 years to produce a worker).

Labor as a factor of production: Labor is human recourse of production. Any form of physical or mental effort done to the production of goods and services with a view to earn reward, is called labor e.g. Worker, clerk, teacher, doctor, judge, typist etc. According to Marshall, "Any exertion of mind or body undergone partly or wholly with a view to some good other than the pleasure derived directly from the work is called labor. Characteristics of Labor: These are the characteristics of labor as a factor of production. 1. Labor is Inseparable: Labor is inseparable from the labor himself, because he is the source of his own labor power. 2. Sole of Labor: A laborer cannot be sold but a laborer has to sell, his labor in person. 3. Perishable: The labor of a laborer cannot be stored because it is perishable. 4. Bargaining power: Laborer has a weak bargaining power and he has to accept the wage offered to him. 5. Wastage of labor: Labor ban be wasted by sitting idle, wasting of time and doing nothing. It is the wastage of his resources. 6. Supply of Labor: There is a direct relationship between the supply of labor and the wage rate in respect of labor force point of view. But by the entrepreneur's point, with the increase in supply of labor results in reduction of wages. 7. Mobility: A laborer is free to

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