ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Labor is the effort people devote to tasks for which they are paid. Capital refers to any human-made resource that is used to produce other goods and services. An economy requires both physical and human capital to produce goods and services.

Detailed explanation-2: -Human Resources (labor) The quantity and quality of human effort directed toward producing goods and services (also called labor).

Detailed explanation-3: -Labor is the amount of work laborers and workers perform that contributes to the production process. For example, if a laborer works and their efforts create a good or service, they contribute to labor resources.

Detailed explanation-4: -Labor-any form of human effort exerted in production. Also called human resources.