Answer :
The pool of people who are either employed or unemployed is referred to as the workforce or labor force. However, it can also refer to a certain geographic area like a city, state, or country.
Give a brief account on labour force.
Labour force is typically used to describe people who work for a single organization or industry. The "Workforce in Place" of a corporation can be used to describe its value. Both working and jobless people make up a country's workforce (labour force). Any type of job that is formally structured and compensated is considered formal labor. Formal labor inside a nation adds to that nation's gross national product, unlike the informal sector of the economy. Labor that is not covered by a written contract under the law or in practice is referred to as informal labor.
Measuring labor force participation, unemployment, and employment :
- Antonio is a 24-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club. - employed
- Caroline is a 36-year-old autoworker who was just laid off by her employer. She is trying to find any kind of job to help make ends meet. - unemployed
- Dmitri is a 42-year-old accountant who has been out of work for almost a year. He became so discouraged that he gave up on his job search a couple of months ago. - not in the labor force
- Latasha is a 31-year-old science teacher who taught at West Valley Middle School last year. Due to budget cuts, she was laid off at the end of the school year. It's the summer now, and after a few weeks of vacation with her family, she is looking for a part-time job as a tutor. - unemployed
- Jake is a 20-year-old American Studies major at the University of Tennessee. It's summer now, and he is working as a lifeguard in Mobile, Alabama. - employed
- Frances is a 10-year-old student at East Valley Middle School. She babysits her younger brother and does other chores, so her parents give her an allowance of $25 per week. - not in the adult population
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The complete question is mentioned below :
Measuring employment, unemployment, and labor force participation
Consider a small economy composed of six people : Antonio, Caroline, Dmitri, Frances, Latasha, and Jake. Each person's employment status is described in the following table.
Based on the criteria used by the Bureau of Labor Statistics (BLS), identify each person's status as employed, unemployed, "not in the labor force" (if not in the civilian labor force but still part of the adult population), or "not in the adult population" if not in the civilian adult population.
Antonio is a 24-year-old professional tennis player. When he's not competing, he works as a coach at a local tennis club.
Caroline is a 36-year-old autoworker who was just laid off by her employer. She is trying to find any kind of job to help make ends meet.
Dmitri is a 42-year-old accountant who has been out of work for almost a year. He became so discouraged that he gave up on his job search a couple of months ago.
Latasha is a 31-year-old science teacher who taught at West Valley Middle School last year. Due to budget cuts, she was laid off at the end of the school year. It's the summer now, and after a few weeks of vacation with her family, she is looking for a part-time job as a tutor.
Jake is a 20-year-old American Studies major at the University of Tennessee. It's summer now, and he is working as a lifeguard in Mobile, Alabama.
Frances is a 10-year-old student at East Valley Middle School. She babysits her younger brother and does other chores, so her parents give her an allowance of $25 per week.