ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Labor is the human effort that can be applied to the production of goods and services. Labor’s contribution to an economy’s output of goods and services can be increased either by increasing the quantity of labor or by increasing human capital.

Detailed explanation-2: -Capital is any human-made resource that is used to produce other goods and services.

Detailed explanation-3: -Physical labour is needed for the production for goods and services .

Detailed explanation-4: -In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Detailed explanation-5: -: human activity that provides the goods or services in an economy. Industry needs labor for production. : the physical activities (such as dilation of the cervix and contraction of the uterus) involved in giving birth. also : the period of such labor.