Question : The number of people employed or seeking employment is known as:
Option 1: Workforce
Option 2: Labor force
Option 3: Unemployment rate
Option 4: Underemployment
Correct Answer: Labor force
Solution : The correct answer is (b) Labor force.
The labor force refers to the total number of people who are either employed or actively seeking employment. It includes individuals who are currently working for pay, as well as those who are unemployed but are actively looking for work. The labor force is a key measure used in labor market analysis and economic indicators.
The labor force does not include individuals who are not working and are not actively seeking employment, such as students, retirees, or individuals who have given up searching for a job. The labor force represents the pool of individuals available to participate in the workforce and contribute to economic productivity.
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