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Labor force

Labor force Definition

In economics the labor force is the group of people who have a potential for being employed.

Normally, the labor force consists of everyone above a certain age (around 14 to 16) who are participating workers, that is people actively seeking employment. People not counted include students, retired people, and institutionalized people, as well as discouraged workers who simply do not want work.

The fraction of the labor force that cannot find work determines the unemployment rate.








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