Characteristics of labour as a factor of production

Characteristics of labor as a factor of production

• It’s a human resource
• It’s a basic factor of production
• Its supply can be varied
• Its quality can be improved through education, training and experience
• Its reward is salaries, wages, commission, fees and royalties
• It cannot be stored i.e. labour is perishable.
• Labor is mobile that is can move from place to place