I. Inclusions in the Labor Force
- Employed Individuals: People who are employed are those who work, whether full time or part time, during a given reference period.
- Unemployed Individuals: People who are actively looking for work but do not currently have a job are considered unemployed.
- Armed Forces: Members of the armed forces may be counted in labor force statistics in some nations.
II. Exclusions in the Labor Force
- Full-Time Students: Students who attend educational institutions full-time and do not actively seek jobs are referred to as full-time students.
- Retirees: People who have left the workforce permanently because they are retired.
- Homemakers: Homemakers are those who spend the most of their time doing unpaid domestic chores at home. They are frequently childcare providers or parents who are not employed.
Labor Force : Definition, Factors, Example & Calculation