Labor: One of the Four Basic Categories of Resources

Topics: Minimum wage, Supply and demand, Wage Pages: 3 (1050 words) Published: September 6, 2011
LABOR: One of the four basic categories of resources, or factors of production (the other three are capital, land, and entrepreneurship). Labor is the services and efforts of humans that are used for production. While labor is commonly thought of as those who work in factories, it includes all human efforts (except entrepreneurship), such as those provided by clerical workers, technicians, professionals, managers, and even company presidents. Labor

Labor is the mental and physical efforts of humans (excluding entrepreneurial organization) used for the production of goods and services. Labor includes both the physical effort of factory workers and farmhands often associated with labor, as well as the mental effort of executives and supervisors.  human exertion directed to some other end, for example, exertion for the sake of the pleasure which it gives to the one undergoing the exertion, as in the case of play, is not labor. The distinction between work and play depends therefore not upon the pleasurable or disagreeable character of the exertion but upon the  Labor is perishable because it is a loss of energy. The labor or service that is rendered is applicable only for a certain period. For eg: if you are working in an organization and if you verify 100 bills in a day, the verification is over as soon as you complete 100 bills. The verification process is hence perishable for the day. The bills that were verified yesterday do not produce any value the next day or after two to three days. The next day again a set of 100 bills should be verified. When you say that labor is perishable it also teaches the value of time. The labor that is performed is valid only for a specific time.  1. time use decisions of partners within one household. ... of the partners' times allocated to paid and unpaid work that allows for ... In terms of their total daily workload, including bothmarket and non-market .... contrast, increases their wives' time in the same activity, but...
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