Labor

Definition

Labor refers to human effort exerted in the production of goods or services. It involves both physical work (manual labor) and mental work (intellectual labor) performed by individuals within an economy.

Related terms

Unemployment Rate: The percentage of people who are willing and able to work but are unable to find employment.

Labor Union: An organization that represents and advocates for the rights and interests of workers in negotiations with employers.

Minimum Wage:

The lowest legal wage that employers must pay their employees, typically set by government regulations.