D-MacroEcon-Ch29c-Labor_Force

Labor Force

Definition

The total number of workers, including both the employed and the unemployed

Formula

$$\text{Labor Force}=\text{Number of Employed}+\text{Number of Unemployed}$$

Labor-Force Participation Rate

the percentage of the adult population that is in the labor force

$$\text{Labor-force participation rate}=\frac{\text{Labor force}}{\text{Adult population}}\times 100$$