Understanding Labour
Labour is the physical or mental effort that people contribute to producing goods and services. It is a crucial element of the economy and plays a significant role in the development of societies worldwide.
Types of Labour
- Skilled Labour
- Unskilled Labour
- Semi-skilled Labour
- Manual Labour
Importance of Labour
Labour is essential for the functioning of industries and businesses. Without labour, production would come to a halt, leading to economic stagnation.
Case Studies
In the garment industry, skilled labour is required to produce high-quality clothing. Companies like Zara and H&M rely on skilled labour to meet consumer demand.
Statistics
According to the International Labour Organization, approximately 61 million jobs were lost in 2020 due to the COVID-19 pandemic, highlighting the vulnerability of labour markets.
