In economics the labor force is the group of people who have a potential for being employed. Buyers bargain for good prices while sellers put forth their best front in Chichicastenango Market, Guatemala. ... Employment is a contract between two parties, one being the employer and the other being the employee. ...

Normally, the labor force consists of everyone of working age (typically above a certain age (around 14 to 16) and below retirement (around 65) who are participating workers, that is people actively employed or seeking employment. People not counted include students, retired people, stay-at-home parents, people in prisons or similar institutions, as well as discouraged workers who simply do not want work. In economics, a discouraged worker is a person of legal employment age who is not actively seeking employment. ...

The ratio between the labor force and the overall size of their cohort (statistics) (national population of the same age range) is known as the labor force participation rate. In the West during the latter half of the 20th century, the labor force participation rate increased significantly, largely due to the increasing number of women entering the workplace. For other meanings see cohort In statistics and demography, a cohort is a group of subjects — most often humans from a given population — defined by a condition on their date of birth. ...

The fraction of the labor force that cannot find work determines the unemployment rate. An 1837 political cartoon about unemployment in the United States. ...

See also

• Workforce
• labour power
• labor shortage
• Employment
• Unemployment
• Underemployment

The workforce is the labour pool in employment. ... According to Karl Marx, there is a clear distinction between labor and labor-power in economics. ... A condition whereby there are not enough qualified candidates (employees) to fill needed jobs. ... Employment is a contract between two parties, one being the employer and the other being the employee. ... An 1837 political cartoon about unemployment in the United States. ... In economics, the term underemployment has at least three different meanings. ...

External links

• U.S. Bureau of Labor Statistics page on the Labor Force Participation Rate