What is labour force of the economy?
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The labor force is defined simply as the people who are willing and able to work. The size of the labor force is used to determine the unemployment rate.The percentage of the unemployed in the labor force is called the unemployment rate.
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- Labour force of the economy is the number of people in the country who work and are also capable of working.
- We take the age group of 15-60 years for the computation of work force.
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