Labor

Labor

The body of persons, or the human physical and mental effort, engaged in the production of goods and services.

2Categories 6503Terms

Add a new term

Contributors in Labor

Become a Contributors

Labor > Labor statistics

wage and salary workers

Labor; Labor statistics

Workers who receive wages, salaries, commissions, tips, payment in kind, or piece rates. The group includes employees in both the private and public sectors.

comparative advantage

Labor; Labor statistics

When one nation's opportunity cost of producing an item is less than another nation's opportunity cost of producing that item. A good or service with which a nation has the ...

usual weekly earnings

Labor; Labor statistics

Wage and salary earnings before taxes and other deductions; includes any overtime pay, commissions, or tips usually received (at the main job, in the case of multiple jobholders). ...

permanent job losers

Labor; Labor statistics

Unemployed persons whose employment ended involuntarily and who began looking for work.

unit value indexes

Labor; Labor statistics

Unit value indexes are calculated by dividing the total value of goods in a commodity area by the total quantity of goods in that commodity area.

unit labor costs

Labor; Labor statistics

Unit labor costs show the growth in compensation relative to that of real output. These costs are calculated by dividing total labor compensation by real output. Changes in unit ...