Tag: Labor

In economics, labor refers to individuals’ physical and mental efforts to produce goods and services. It includes all types of work, from manual labor to skilled professional careers, and is typically compensated with wages or salaries. Labor is a crucial factor of production, alongside capital, land, and entrepreneurship, and is necessary for economic growth and development. The study of labor economics seeks to understand the behavior of workers and employers, the role of labor markets in the economy, and the policies and institutions that impact the supply and demand for labor.