ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -Factors of Production – Labour. Labour actually means any type of physical or mental exertion. In economic terms, labour is the efforts exerted to produce any goods or services. It includes all types of human efforts – physical exertion, mental exercise, use of intellect, etc. done in exchange for an economic reward.

Detailed explanation-3: -According to Waugh, “we define labour as human efforts used in production”, which means that labour is the totality of efforts of the workers in production of a good or a service.

Detailed explanation-4: -Labor as a factor of production refers to the effort that individuals exert when they produce a good or service. For example, an artist producing a painting or an author writing a book. Labor itself includes all types of labor performed for an economic reward, such as mental and physical exertion.

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.