Labor force
Labor Force
The Labor Force (pronounced: /ˈleɪbər fɔːrs/), also known as the workforce, is a term used in economics to refer to the total number of people who are eligible to work in an economy. This includes both those who are employed and those who are actively seeking employment. The labor force is a significant factor in determining the economic health and growth of a nation.
Etymology
The term "labor force" is derived from the Latin word "laborare" which means "to work", and the Old French word "force" which means "strength" or "power". Together, they represent the strength or power of work within an economy.
Related Terms
- Employment: The state of having paid work. It is one of the components of the labor force.
- Unemployment: The state of being without a paid job but available to work. It is also a component of the labor force.
- Economics: The branch of knowledge concerned with the production, consumption, and transfer of wealth, of which the labor force is a significant factor.
- Economic Growth: An increase in the inflation-adjusted market value of the goods and services produced by an economy over time. The labor force contributes to this growth.
- Workforce: Another term for the labor force, often used interchangeably.
See Also
External links
- Medical encyclopedia article on Labor force
- Wikipedia's article - Labor force
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