WAEC - Economics (2017 - No. 24)
The total number of people of working age who are willing and prepared to work at a given wage rate is the
labour force
supply of labour
demand of labour
occupational demand for labour
Açıklama
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.
The labour force is the sum of persons in employment plus persons in unemployment. Together these two groups of the population represent the current supply of labour for the production of goods and services taking place in a countrythrough market transactions in exchange for remuneration.