Consider an economy made up of 100 people, 60 of whom hold jobs, 10 of whom are looking for work, and 15 of whom are retired.How many people are in the labour force?

Question

Quizplus · Accepted Answer

The labor force is made up of those who are employed and those who are unemployed and actively looking for work. Therefore, the labor force in this economy is 60 (employed) + 10 (looking for work) = 70. The retired individuals are not included in the labor force as they are not actively seeking employment.

Consider an Economy Made Up of 100 People, 60 of Whom