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In Economics the people in the labor force are the suppliers of labor. In 2005, the worldwide labor force was over 3 billion people.US Central Intelligence Agency The World Factbook: Labor Force by Country . Accessed June 17, 2007. Normally, the labor force consists of everyone of working age (typically above a certain age (around 14 to 16) and below retirement (around 65) who are participating workers, that is people actively employed or seeking employment. People not counted include students, retired people, stay-at-home parents, people in prisons or similar institutions, as well as Discouraged Worker s who cannot find work. In the United States , the labor force is defined as people 16 years old or older who are Employed or looking for work. Child Labor Laws In The United States 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 rate. LABOR FORCE PARTICIPATION RATE ]] The labor force participation rate is the ratio between the labor force and the overall size of their , almost as important as Productivity . Pop = total population LF = labour force = U + E LFpop = labour 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 An increase in the unemployment rate can occur with an increase in total employment.Peter Barth and Dennis Heffley "Taking Apart Taking Part: Local Labor Force Participation Rates" University of Connecticut, 2004. SEE ALSO EXTERNAL LINKS NOTES AND REFERENCES |
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