Meaning of labour as a factor of production with features/characteristics.
Labour- factor of production... In common sense, work performed by people only physically is called labour. It means only manual work comes under the category of labour. But in economics, every type of activities performed by people either physically or mentally is called labour. For example: work performed by teachers, doctors, pilot, engineers, carpenters etc. Following are the features/characteristics of the labour: 1. Active factor of production : Other factors of production depend upon labour for their productivity so it's an active factor. Because other factors are brought into the production process only by the labour. 2. Perishable factor : Labour is more perishable than other factors of production. It can neither be restored not postponed nor accumulated for the next day. Today's labour must be rendered today otherwise it will be perish. 3. Mobile factor of production: Labour is a mobile factor of production. It c...