Question

explain any 3 features of labour as a factor of production?

Answer 1

Dear Student,

Following are the features of labour:

• Labour is mobile: Human resource that provides labour migrates from one place to another due to many "push" and "pull" factors. It may be better job opportunities, better living conditions, or even shift in the loaction of the company or firm for which he/she works.
• Efficiency in labour varies: The mental and physical faculties of the labourers varies. Hence, varies their efficiency.
• It is both end and means of production: The process of production begins and ends with the labour. The labour is involved in the production of the goods and services as well as the consumption of them.