ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The labour force comprises all those who work for gain, whether as employees, employers, or as self-employed, and it includes the unemployed who are seeking work.

Detailed explanation-2: -What are the four types of labor in economics? The four types of labor in economics are skilled, unskilled, semi-skilled, and professional.

Detailed explanation-3: -There is no difference in labour, workmen and employee. The word is mentioned in different dimention in various acts related to employees. For Factories Act, Workmen Compensatin Act, Bonus/Minimum Wages Acts etc.

Detailed explanation-4: -la·bor ˈlā-bər. : physical or mental effort especially when hard or required : toil, work. : the services performed by workers for wages. : those who do labor for wages.