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