Labor as a Factor of Production:
Meaning and Definition:
"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/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 is
labor power.
The labor power differs from worker to
worker.
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