Labor as a Factor of Production:

Meaning and Definition:

                        

"Labor is an important factor of production. It is described as any human work which is performed with the help of mind or physique with a view to earn income".

Characteristics/Features:

(i) Labor as a source. Labor is the source of his own labor power, It is inseparable from labor himself.

(ii) Labor is perishable. A worker cannot store his labor. It is perishable.

(iii) Difference is labor power. The labor power differs from worker to worker.