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9 Most Important Properties of Indifference Curves

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Labour: Meaning and Characteristics | Economics

Labour includes both physical and mental work undertaken for some monetary reward. In this way, workers working in factories, services of doctors, advocates, ministers, officers and teachers are all included in labour. Any physical or mental work which is not undertaken for getting income, but simply to attain pleasure or happiness, is not labour. For example, the work of a gardener in the garden is called labour, because he gets income for it. But if the same work is done by him in his home garden, it will not be called labour, as he is not paid for that work. So, if a mother brings up her children, a teacher teaches his son and a doctor treats his wife, these activities are not considered ‘labour’ in economics. It is so because these are not done to earn income. According to S.E. Thomas, “Labour connotes all human efforts of body or mind which are undertaken in the expectation of reward.” Characteristics of Labour:
Labour has the following peculiarities which are explained as under: …

Labour Policy, 1972, Pakistan

The fourth labour policy was announced in 1972 by the then ruling Pakistan People’s Party (PPP) government. The PPP was elected on a socialist agenda with a definite “pro-labour” manifesto. The Labour Policy of 1972 had three important dimensions: a) immediate increase in workers’ real wages; b) increased production; and c) promotion of trade unionism and amelioration of the workers’ lot. It included 22 specific points: 1. Workers’ participation in the management of industry; 2. Appointment of auditors by the collective bargaining agent. The auditors were to be paid by employers to audit their company accounts in certain cases; 3. Increase in workers’ share in profits from 2.5 per cent to 4 per cent (and later to 5 per cent) under the Companies’ Profits (Workers’ Participation) Act, 1968; 4. Nomination or election of ‘shop stewards’ in each factory department to take care of workers’ day to day problems; 5. Labour court decisions in 20 days for individual cases; 6. Settlement of disp…


1. Short title, extent, application and commencement.2. Definitions.3. Trade unions and freedom of association.4. Adherence to the law of the land.5. Application for registration.6. Requirements for application.7. Requirements for registration.7A. Disqualifications for being an officer of a trade union.7B. Registered trade union to maintain register, etc.8. Registration.8-A. Transfer, etc. of officer of the trade union during pendency ofapplication for registration.9. Certificate of registration.10. Cancellation of registration.11. Appeal against cancellation.12. Registrar of Trade Unions.13. Powers and functions of Registrar.14. Incorporation of registered Trade Union.15. Unfair labour practices on the part of employers.16. Unfair labour practices on the part of workmen.Rights and Privileges of registered trade unions and Collective Bargaining Agents
17. Law of conspiracy limited in application.18. Immunity from civil suit in certain cases.19. Enforce ability of agreement.2…