Labour is any type of human activity—physical or mental done with a view to earning a reward.
Following are the characteristics of labour:
(a) It is a human factor.
(b) It is an active factor of production as other factors depend upon labour for their use. (c) Labour is perishable. It cannot be stored.
(d) Labour is mobile. A labourer sells his labour not himself.
(e) Labour cannot be separated from labourers.
(f) The demand for labour is a derived demand.
(g) Labour varies in efficiency.
