Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

The Labor Force Defined

3,546 views

Published on

Economic Definitions

Published in: Education
  • Be the first to comment

The Labor Force Defined

  1. 1. Labor Force What is it?
  2. 2. Labor Force Defined <ul><li>In America, we define our Labor Force as everyone, not in our military, and over the age of 16, who is either Employed or Unemployed. </li></ul><ul><li>The composition of the Labor Force fluctuates as the composition of our population changes and as the job market changes. </li></ul><ul><li>The two categories that comprise our Labor Force, Employed and Unemployed, are explained as follows: </li></ul>
  3. 3. Employed <ul><li>To be considered as employed, an individual must meet at least one of the following criteria: </li></ul><ul><li>They were paid for at least 1 hour of work with in the last week. </li></ul><ul><li>They worked at least 15 hours, without pay, at a family business. </li></ul><ul><li>They have jobs but did not work because of illness, time off, or job related conditions beyond their control </li></ul>
  4. 4. Unemployed <ul><li>To be considered as unemployed, an individual must be Temporarily unemployed or have Looked for a Job within the last 4 weeks. </li></ul><ul><li>If someone does not have a job, and are not actively seeking one, they are not counted as unemployed! </li></ul><ul><li>They are simply not counted in the labor force. </li></ul><ul><li>Examples of this could be stay at home moms and full-time students. </li></ul>

×