LABOUR.

Hey Guyz, Happy New Week and how was your weekend. Hope it was fun, Thank Jesus for the gift of Life and for Health. This week shall bring forth Good news for each and every one of us in Jesus name- Amen. Let’s get straight to work with Econs. 101.

Labour as a factor of production is defined as all forms of human efforts put into or utilized in production. It also refers to man’s mental and physical exertions generated in the process of production. The Rewards for Labour as a Factor of Production comes in form of WAGES & SALARIES.

TYPES OF LABOUR.

There are two main types of labour and they are:

1. UNSKILLED LABOUR: This requires little or no formal education. They do not use mental effort; rather they use physical effort and energy in production. Hence their jobs are called BROWN COLLAR JOBS. As a result of their low level of education, with some kind of training, they are used as Cleaners, Gardeners, Guards, Messengers etc.

2. SKILLED LABOUR: This requires the use of mental effort in the production of goods and services. This labour undergoes relatively long and specialized type of training in higher institutions. They usually go for Managerial Positions, and end up as Engineers, Medical Doctor, Accountant etc. They are usually referred to as WHITE COLLAR JOBS.

CHARACTERISTICS OF LABOUR

1. Labour is mobile that is it can move from one place to another.

2. Labour is skillful, and it becomes so through education and training.

3. Labour requires motivation for it to perform effectively.

4. Labour is not predictable.

5. Labour is not fixed unlike Land because it varies in quantity and quality.

6. Labour controls other factors of production, to make them more meaningful in the society.

IMPORTANCE OF LABOUR

1. Labour provides the required skill and personnel for production.

2. Labour influences other factors of production.

3. Labour is required in the operation of machines.

This concludes our session for today. Hope you had fun and you find this helpful. Until we meet again remain ever blessed and remember you are for SIGNS & WONDERS. God Bless You.