However, the housing market hangs over the Canadian economy. Australian labour data were weak in March, remaining on a sluggish trend.
The following points highlight the top fourteen characteristics of labour in economics. Some of the characteristics are: Labour is original and indispensable factor of production 2. Labour is an active factor of production 3. Labour is perishable than any other commodity 4.
Labour cannot be separated from the labourer and Others. Labour is original and indispensable factor of production: Labour is original and indispensable factor of production without it the work of production is not possible. Labour is very important means in comparison to other means of production.
It is because of Labour the use of land and other natural means is possible. In production work Labour plays active role. Labour is an active factor of production: Land and capital are considered as the passive factor of production, because they alone cannot start the production process.
Production from land and capital starts only when a man makes efforts. Production begins with the active participation of man. Therefore, Labour is an active factor of production. Labour is perishable than any other commodity: Labour is more perishable than other factors of production.
It means Labour cannot be stored. The Labour of an unemployed worker is lost forever for that day when he does not work. Labour can neither be postponed nor accumulated for the next day. Once time is lost, it is lost forever.
Labour cannot be separated from the labourer: Land and capital can be separated from their owner, but Labour cannot be separated from a labourer. Labour and labourer are indispensable for each other. For example—It is not possible to bring the ability of a teacher to teach in the school, leaving the teacher at home.
The labour of a teacher can work only if he himself is present in the class. Therefore, Labour and labourer cannot be separated from each other. Labour is less mobile: As compared to capital and other goods, Labour is less mobile.
Capital can be easily transferred from one place to other, but Labour cannot be transported easily from its present place to other places. A labourer is not ready to go to far off places leaving his native place and his kith and kin. Therefore, Labour has less mobility.
Labour supply is inelastic: The supply of Labour is often found inelastic in a country at a particular time. It means that their supply can neither be increased nor decreased if the need demands so. For example—If a country has a scarcity of a particular type of workers, their supply cannot be increased within a day, month or year.
The Supply of Labour can be increased to a limited extent by importing Labour from other countries in the short period. The supply of Labour is very much dependent upon the size of population.
Population cannot be increased or decreased quickly. Therefore, the supply of Labour has been considered as inelastic to a great extent.LABOUR: Review of Labour Economics and Industrial Relations: This form allows you to upload a manuscript, cover letter, or other files or supporting documentation for your submission (or resubmission) to LABOUR: Review of Labour Economics and Industrial Relations.
Note that text in the Main Menu above or other text in blue are hyperlinks. Labour economics has become the topic of a course in its own right at many universities, and the focus has changed with the notion of human capital now being regarded as central.
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Lecture Notes on Labor Economics −tµepÆn Jurajda October 20, Abstract These lecture notes were written for an M.A. level course in labor eco-.