Monthly Archives: August 2014

Peculiarities [features] of labour

Labour is a commodity to be bought and sold but unlike other goods it has certain features as it is not only a means of production but also an end of production. Labour is a living factor of production and

Posted in General Economics

Concept of labour

The concept of labour has been changing in accordance with the ideology dominating the particular time period. 1] The commodity concept of labour – Labour was considered as a commodity since its price ie wages was decided by the law

Posted in General Economics

Meaning and definition of labour

In ordinary language labour means manual or unskilled labour but in economics it has a wider meaning. It includes not only manual and physical labour and also mental labour as well as skilled and unskilled labour. It has therefore a

Posted in General Economics

Factors of production

Production is creation or addition of value or wealth. It consists not only of goods but also of services. In other words production is creation of utility having exchange value. The act of production is not complete till the commodity

Posted in General Economics