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how is labour supply different from labour force? Also, differentiate between labour force and workforce .
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... The key difference among both these terms is that the labour force is the number of individuals who are working or willing to work at a particular wage rate whereas, labour supply is the number of hours of labour that people in that labour force are willing to offer to the firm.
Labour Force refers to the number of persons actually working or willing to work. However, workforce refers to the number of persons actually working. Thus, workforce does not account for those who are willing to work. The difference between labour force and workforce is the total number of unemployed persons.
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