What Does Labour Mean?


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Anonymous Profile
Anonymous answered
I think labour means: "concluding state of pregnancy; from the onset of contractions to the birth of a child; "she was in labor for six hours"
Muddassar Memon Profile
Muddassar Memon answered
The term labour according to classical economics is the amount of work completed by humans; it is also one of the three factors of production.

The other two factors of production are land and capital. There are macro-economic classification presumptions which have invented the notion of human capital, even though there are even counterpoising macro-economics method hypothesis which think human capital is negation in terms. Salary is a fundamental payment for labour, and the payment for labour per stage of point in time is known as the wage rate.

According to Marxian economics the intend of labour economics is to supply insight and direction for the most favourable allocation of mutual human labour. Marxian economists debate that the reason why labour economics gets very minimum attention is because it has been seen as a management issue.

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