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    Labour As A Factor of Production

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    oluwaseun4adeolu

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    Labour As A Factor of Production

    Uploaded by

    oluwaseun4adeolu
    2 views7 pages

    Original Title

    LABOUR AS A FACTOR OF PRODUCTION

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    © © All Rights Reserved

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    Copyright:

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    Download as pptx, pdf, or txt
    2 views7 pages

    Labour As A Factor of Production

    Uploaded by

    oluwaseun4adeolu

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 7

    LABOUR AS A FACTOR OF

    PRODUCTION
    MEANING OF LABOUR

    Labour as a factor of production is


    defined as all forms of human effort
    whether physical or mental put into
    production. I.e. it is the effort of human
    towards production of goods and
    services.
    The reward for labour comes in form of
    SALARY and WAGES.
    CHARACTERISTICS OF
    LABOUR
    1. Labour is mobile
    2. Labour has feelings
    3. Labour is skilful
    4. Labour is perishable
    5. Labour requires motivation
    6. Labour Is a human factor
    7. Labour is not fixed
    8. Labour is not predictable
    9. Labour has initiative
    10. Labour controls other factors of production
    Importance of labour

    Labour is important in production


    because of the following reasons.
    1. Provision of personnel
    2. It influence all other factors of
    production effectively.
    3. It involves in the production of goods
    and services
    4. Labour helps in the operation of
    machine
    Types of labour

    unskilled labour
    This type of labour require little or no
    formal education. They do not make
    use of mental effort, rather, they make
    use of physical effort or energy in
    production. They are usually employed
    as Gardner, Guards, Cleaner,
    Messengers etc.
    Skilled labour
    This category of labour makes use of
    their mental effort in productivity. They
    have gone through long and
    specialised type of training. They are
    usually employed as teachers,
    managers, engineers, lawyers etc,
    EVALUATION
     Define labour
     State five features of labour
     List three importance of labour
     Mention the types of labour

    ASSIGNMENT
    Explain the functions of labour in
    production

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