The labor force equals the
number of people employed.
number of people employed plus the number of people unemployed.
number of people employed plus the number of people unemployed plus teenagers between ages 14 and 16 who work at least 10 hours a week.
adult population.
The Correct Answer and Explanation is :
The correct answer is:
“The labor force equals the number of people employed plus the number of people unemployed.”
Explanation:
The labor force is a fundamental concept in economics and labor market analysis. It includes all individuals who are either employed (working for pay or profit) or unemployed (actively seeking work and available to work). This definition is crucial in measuring economic activity, workforce participation, and unemployment rates.
Breakdown of the Definition:
- Employed Individuals
- These are people who have jobs, whether full-time or part-time.
- They can work in various sectors, including agriculture, manufacturing, services, and government.
- Unemployed Individuals
- These individuals do not currently have a job but are actively seeking work.
- To be considered unemployed, a person must be available to work and making an effort to find employment.
Why Other Options Are Incorrect:
- “The number of people employed.”
- This definition is incomplete because it ignores unemployed individuals who are still part of the labor force.
- “The number of people employed plus the number of people unemployed plus teenagers between ages 14 and 16 who work at least 10 hours a week.”
- This is incorrect because, in most countries, the labor force only includes individuals 16 years and older who meet the employment or unemployment criteria. Younger teenagers working part-time are generally not included.
- “Adult population.”
- Not all adults are part of the labor force. People who are retired, students, homemakers, or those who have stopped looking for work are not counted.
Thus, the most accurate definition is that the labor force consists of both employed and unemployed individuals, actively contributing to or seeking participation in the economy.