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The Labor Force Defined


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Economic Definitions

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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>