Please Share the below Post
Rate this post

Meaning and Definition of Labor in Economics:

Labor is 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.

Characteristics or Features:

(i) Labor as a source. Labor is the source of his own labor power. It is inseparable from labor himself.

(ii) Labor is perishable. A worker cannot store his labor. It is perishable.

(iii) Difference in labor power. The labor power differs from worker to worker.