EXPLAIN FIVE CHARACTERISTICS OF LABOUR AS A FACTOR OF PRODUCTION
1. It is a basic factor of production
Alongside land and Capital, Labour is a primary factor in the cycle of production. Without labour, there will be no production
2. It cannot be stored if a labourer is idle- his/her effort is wasted i.e. labour is perishable
Labour is more perishable than other factors of production. It means labour cannot be stored. The labour of an unemployed worker is lost forever for that day when he does not work.
3. Labour can not be separated from the labourer. That is the Labourer must be present to deliver services.
Labour and labourer are indispensable for each other. For example—It is not possible to bring the ability of a teacher to teach in the school, leaving the teacher at home.
4. Labourer sells their labour and not themselves.
Wage labour is the mode of production in which the labourer sells their capacity to work as a commodity. The capitalist who buys the labour power, and pays for it at its value, own the labour process and the product of labour, and can sell the product in order to realise a profit.
5. If it is human wish ability to think and capacity to get annoyed.
Labour is dependent on skills, experience, emotions and character. It's not easy to attain consistency in labour and always vary from one person to another.
6. Labour is mobile, that is labour can move from place to place
Labour mobility consists of changes in the location of workers both across physical space (geographic mobility) and across a set of jobs (occupational mobility).
Characteristics of free resource.
PREVIOUSLY: HIGHLIGHT FIVE CIRCUMSTANCES UNDER WHICH AN OFFICE MANAGER MAY REPLACE AN EXISTING MACHINE WITH A MODERN ONE.
Challenges faced in satisfaction of human wants.
1. They are unlimited/many
Human needs are never restricted, they are infinite and keeps on changing because of various factors.
For example:- a human can be satisfied by buying a certain car, but upon looking at a different and better car, his needs change and becomes dissatisfied again.
2. Scarce resources to satisfy them
The resources are scarce to afford all that humans need. We may sometimes demand what is more expensive than what we have to acquire it. This reduces our ability to acquire it.
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3. are recurrent/felt again and again
Human needs keeps on repeating or they are periodic, we may need the same item we needed yesterday and tomorrow we may need it again.
4. some are complimentary
Some human needs are acquired free of charge, such as water, air and gifts
5. change with time age and gender
Human wants change with age, time and gender. Example; during cold seasons, people buy more coffee than Ice cream vis a vis, during holidays people buy more cosmetics than books as compared to during school opening days when people flock to bookshops and stores.
Highlight five circumstances under which an office manager may replace an existing machine with a modern one.
Circumstances under which an office manager may replace an existing machine with a modern one.
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