Question : The concept of "labor force" includes:
Option 1: Employed individuals ony
Option 2: Unemployed individuals only
Option 3: Employed and unemployed individuals
Option 4: Working-age population
Answer (1)
20th Jan, 2024
Correct Answer: Employed and unemployed individuals
Solution : The correct answer is (c) Employed and unemployed individuals
The labor force refers to the total number of individuals who are either employed or actively seeking employment. It includes both individuals who are currently employed and those who are unemployed but actively looking for work. The labor force is a key component in calculating various labor market indicators such as the unemployment rate and labor force participation rate.
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