ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Examples of goods are automobiles, appliances, and clothing. Examples of services are legal advice, house cleaning, and consulting services. The output of a business can lie somewhere between these two concepts. For example, a landscaping company could sell a homeowner a tree (goods) and also mow the lawn (a service).

Detailed explanation-2: -Examples of formal educated skilled labor include engineers, scientists, doctors and teachers, while examples of informal educated workers include crane operators, CDL truck drivers, machinists, drafters, plumbers, craftsmen, cooks and accountants.

Detailed explanation-3: -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-4: -Labor economics involves the study of all that affects these workers before, during, and after their working lives, for example, childcare, education, pay and incentives, fertility, discrimination, their non-work time, and pension reforms.