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In economics
Economics

File:Ballard Farmers' Market - vegetables.jpgEconomics is the Social sciences that studies the Production theory basics, Distribution , and Consumption of Good and Service ....
, the people in the labor force are the suppliers of labor. The labor force is all the nonmilitary people who are employed or unemployed. In 2005, the worldwide labor force was over 3 billion people.

Normally, the labor force of a country (or other geographic entity) consists of everyone of working age (typically above a certain age (around 14 to 16) and below retirement age who are participating workers, that is people actively employed or looking for work.






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In economics
Economics

File:Ballard Farmers' Market - vegetables.jpgEconomics is the Social sciences that studies the Production theory basics, Distribution , and Consumption of Good and Service ....
, the people in the labor force are the suppliers of labor. The labor force is all the nonmilitary people who are employed or unemployed. In 2005, the worldwide labor force was over 3 billion people.

Normally, the labor force of a country (or other geographic entity) consists of everyone of working age (typically above a certain age (around 14 to 16) and below retirement age who are participating workers, that is people actively employed or looking for work. Child labor laws in the United States
Child labor laws in the United States

The child labor laws in the United States include numerous statutes and rules regulating the child labor. According to the United States Department of Labor, child labor laws affect those under the age of 18 in a variety of occupations....
 forbid employing people under 18 in hazardous jobs.

The fraction of the labor force that is seeking work but cannot find it determines the unemployment
Unemployment

File:World map of countries by rate of unemployment.pngUnemployment occurs when a person is available to work and currently seeking work, but the person is without Wage labour....
 rate.

Labor force participation rate


The labor force is the number of people employed and unemployed. Participation rate is the ratio between the labor force and the overall size of their cohort
Cohort (statistics)

In statistics and demography, a cohort is a group of subjects — most often humans from a given population — defined by experiencing an event in a particular time span....
 (national population of the same age range). In the West
Western world

The term Western world, the West or the Occident can have multiple meanings dependent on its context . Accordingly, the basic definition of what constitutes "the West" varies, expanding and contracting over time, in relation to various historical circumstances....
 during the later half of the 20th century, the labor force participation rate increased significantly, largely due to the increasing number of women entering the workplace. Claudia Goldin and others, specifically point that by the mid 1970s there was a period of revolution of women in the labor force brought on by a source of different factors. Women more accurately planned for their future in the work force, investing in more applicable majors in college that prepared them to enter and compete in the labor market. In the United States, the labor force participation rate rose from approximately 59% in 1948 to 66% in 2005, with participation among women rising from 32% to 59% and participation among men declining from 87% to 73%. Conversely, the labor force participation rate can decrease when the rate of growth of the population outweighs that of the employed and unemployed together. The labor force participation rate is a key component in long term economic growth
Economic growth

Economic growth is the increase in the amount of the goods and services produced by an economics over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP....
, almost as important as productivity
Productivity

Productivity in economics refers to metrics and measures of output from production processes, per unit of input. Labor productivity, for example, is typically measured as a ratio of output per labor-hour, an input....
.

Pop = total population

LF = labor force = U + E

LFpop = labor force population

p = participation rate = LF / LFpop

E = number employed

e = rate of employment = E / LF

U = number of unemployed

u = rate of unemployment = U / LF

The labor force participation rate explains how an increase in the unemployment rate can occur simultaneously with an increase in employment. If a large amount of new workers enter the labor force but only a small fraction become employed, then the increase in the number of unemployed workers can outpace the growth in employment.

See also

  • Workforce
    Workforce

    The workforce is the labour pool in employment. It is generally used to describe those working for a single Types of companies or industry, but can also apply to a geographic region like a city, country, state, etc....
  • Underemployment
    Underemployment

    In economics, the term underemployment has three different distinct meanings and applications. While it is related to unemployment, a situation in which a person who is searching for work cannot find a job, in the case of underemployment, a person is working....
  • List of countries by labour force
    List of countries by labour force

    This is a list of countries by size of the labour force mostly based on The World Factbook . Notes...
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