ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Labor is the effort people devote to tasks for which they are paid. Any human-made resource that is used to produce other goods and services. Physical capital is the human-made objects used to create other goods and services.

Detailed explanation-2: -Labor is the amount of physical, mental, and social effort used to produce goods and services in an economy. It supplies the expertise, manpower, and service needed to turn raw materials into finished products and services.

Detailed explanation-3: -Labor is the effort that people contribute to the production of products and services. When it means workers, we consider them collectively. It also means work, especially physical work. For example, if I say “The repairs cost me $40 plus $20 for labor, ” the term refers to paying workers.

Detailed explanation-4: -Labor is the effort that people contribute to the production of goods and services. Labor resources include the work done by the waiter who brings your food at a local restaurant as well as the engineer who designed the bus that transports you to school.

Detailed explanation-5: -Unskilled labor is labor that does not require any special skills or training. Semi-skilled labor requires some skills or training, but not as much as skilled labor. Skilled labor is labor that requires a high level of training and experience. More items •18-Sept-2022