Economics » Factors of Production » Features and Rewards

Labour

Labour refers to all human efforts; physical or mental, skilled, semi-skilled, or unskilled, used in the production of goods and services. Examples of unskilled labour include guards, messengers, cleaners, gardeners, etc. Examples of semi-skilled labour include hair-dressers, barbers, carpenters, etc. Examples of skilled labour include doctors, engineers, accountants, economists, etc. The reward for labour is called “wages” or “salaries”.

Features of Labour

  1. It is unique because it is provided by man.
  2. It is defined as the perishable factor of production.
  3. It is mobile.
  4. It has feelings and can be skilled, semi-skilled, or unskilled.
  5. Adjustments in the supply and demand of labour are difficult because it is difficult to increase or decrease labour instantly.

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