Answer:
People provide their labor to businesses in exchange for wages, and they trade their unpaid leisure time for paid work time to make a living and to be able to purchase goods and services. Businesses, in turn, use this labor to produce goods and services demanded by consumers.
Labor is the amount of physical, mental, and social effort used to produce goods and services in an economy. It supplies the expertise, manpower, and service needed to turn raw materials into finished products and services
The relationship between labor and business is directly related. A worker contributes their time and effort to the company, and in return, the company pays them a wage or other form of recompense for their work.
The amount of mental, physical, and social effort put out to produce goods and services in an economy is mentioned to as labor. It provides the resources, knowledge, and assistance required to transform raw materials into completed goods and services.
In order to approve themselves and be able to buy products and services, people work for businesses in exchange for pay and exchange their unpaid free time for paid work time. Businesses then employ this labor to create the goods and services that customers are looking for.
Therefore, For firms, improved productivity means more profits and more investment opportunities. For employees, increasing production might result in better pay and working circumstances.
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