ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The knowledge, efforts, and skills people bring to their work are called human resources, or labor. Labor can be skilled or unskilled, physical or intellectual. One of the biggest problems facing many nations today is not a shortage of labor but a shortage of skilled labor.

Detailed explanation-2: -Labor resource refers to one of the input factors that is also known as the human resource. Workers or people are considered as labor resources who put their efforts during the production process and use all other input factors to manufacture an output.

Detailed explanation-3: -What Is Human Capital? The term human capital refers to the economic value of a worker’s experience and skills. Human capital includes assets like education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality.

Detailed explanation-4: -Labor is the human effort that can be applied to the production of goods and services. People who are employed or would like to be are considered part of the labor available to the economy. Capital is a factor of production that has been produced for use in the production of other goods and services.