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




Characteristics of labor as a factor of production


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