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
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The notes are very clear and brief
Thanks
Very good and brief notes
Thanks