Labor

Labor refers to the effort and work contributed by individuals in producing goods and services. It encompasses physical and mental activities performed to create value, often in exchange for wages or salaries. Labor is a fundamental component of production, working alongside capital (tools, machinery) and land (natural resources). In economics, it influences employment levels, wages, and economic growth. Fair compensation for labor ensures workers can meet their needs while contributing to societal development. Essentially, labor is the human effort that transforms resources into products and services used in daily life.