LABOR FORCE Meaning and
Definition
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Labor force refers to the total number of individuals who are either employed or actively seeking employment within a specific geographic area or in a particular industry. It represents the pool of workers available for production or service provision.
The labor force categorically includes both employed individuals, who are currently engaged in paid work, and those who are unemployed yet actively seeking job opportunities. It excludes economically inactive individuals, such as retirees, students, and homemakers, who are not actively looking for employment.
The size of the labor force is a critical economic indicator as it reflects the potential workforce available to generate economic output and contribute to the overall production capabilities of an economy. It is often used to calculate the unemployment rate, which is the proportion of the labor force that is unemployed and actively seeking work.
Labor force participation is influenced by various factors, including demographic characteristics, economic conditions, educational attainment, and societal norms. Understanding the labor force is crucial for policymakers, economic analysts, and businesses as it aids in evaluating the state of the job market, workforce dynamics, and formulating strategies for economic growth and development.
Top Common Misspellings for LABOR FORCE *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for LABOR FORCE
- kabor force
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- lavor force
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- lab0r force
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- labod force
Etymology of LABOR FORCE
The word "labor force" has its origins in Latin and Old French.
The word "labor" traces back to the Latin word "labor" meaning "work, toil". This Latin term was adopted into Old French as "labur", then evolving into "labor" in Middle English. In English, "labor" refers to physical or mental exertion, work, or toil.
The word "force" comes from the Latin word "fortis", meaning "strong" or "mighty". In Old French, it developed into "force" with a similar meaning. In English, "force" refers to strength, might, or power.
When combined, "labor force" refers to the collective strength or power exerted through work or toil. It is commonly used to describe the total number of workers available or engaged in a particular country, industry, or economic sector.
Similar spelling words for LABOR FORCE
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