Labor as a Factor of Production:
Meaning and Definition:
an important factor of production. It is described as any human
work which is performed with the help of mind or physique with a
view to earn income".
(i) Labor as a source.
Labor is the source of his own labor power, It is
inseparable from labor himself.
(ii) Labor is
A worker cannot store his labor. It is perishable.
(iii) Difference is
The labor power differs from worker to