Q.What are the characteristics of Labour ?

Labour is perishable, inseparable from the labourer, has weak bargaining power, is less mobile, differs in efficiency, and is a human being rather than a commodity.

Labour has several features that set it apart from land and capital:

1. Labour is perishable — a day's labour that is not used today cannot be stored and used tomorrow; it is lost forever.
2. Labour is inseparable from the labourer — the worker must be present to supply his labour; labour cannot be delivered separately from the person.
3. The labourer sells his labour, not himself — the worker parts with his services for a wage but remains free; he is not sold.
4. Weak bargaining power — an individual worker is generally poor and cannot hold out for long, so he has weaker bargaining power than the employer.
5. Labour is less mobile — because of family, language, social and geographical ties, workers do not move easily from place to place or job to job.
6. Differences in efficiency — labourers differ in skill, education, health and effort, so their productivity varies. …