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AGGREGATE EXPENDITURE LINE: A line representing the relation between aggregate expenditures and gross domestic product used in the Keynesian cross. The aggregate expenditure line is obtained by adding investment expenditures, government purchases, and net exports to the consumption line. As such, the slope of the aggregate expenditure line is largely based on the slope of the consumption line (which is the marginal propensity to consume), with adjustments coming from the marginal propensity to invest, the marginal propensity for government purchases, and the marginal propensity to import. The intersection of the aggregate expenditures line and the 45-degree line identifies the equilibrium level of output in the Keynesian cross.

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LABOR FORCE:

The total number of people in an economy, society, or country willing and able to exert mental and/or physical efforts in productive activities. The labor force is a more technical term for the labor resource or labor supply. It includes both employed workers and unemployed workers. An official variation of this term is civilian labor force. While labor force may or may not include military personnel, the civilian labor force explicitly excludes the military. Labor and labor resources are the theoretical terms that economists like to banter about. Labor force and civilian labor force are the terms of choice for government policy makers, data-crunchers, and others who need precise labor resource numbers.
In principle, the labor force is everyone 16 years of age and over who is willing and able to work. It includes those who are either employed or unemployed, but actively seeking employment.

  • An employed person is specified as someone who: (1) is working as a paid employee, (2) is working with our without explicit pay in a business that they own, (3) is working at least 15 hours a week in a family-operated business, or (4) has had a paying job but is temporarily absent due to illness, vacation, labor dispute, etc.

  • An unemployed person is specified as someone who: (1) has voluntarily or involuntarily left a job and is seeking another, (2) has been laid-off from a job but expects to be recalled within six months, (3) is seeking employment after an extended period without a job nor having looked for a job, or (4) is seeking employment for the very first time.

The labor force tends to be about half of the total population. This means that about half of the overall population is NOT included in the labor force. In addition to children under 16 years of age, other segments of society that generally lie outside the labor force designation include elderly, disabled, homemakers, students, prisoners, discouraged workers, and military personnel. In some cases, those excluded are unwilling to work (homemakers, students, and some elderly). In other cases, they are unable to work (children, prisoners, and other elderly).

Whether or not military personnel are included in the labor force often depends on the particular analysis. At times, the term labor force is used generically to mean anyone working or potentially able to work, including military (as well as discouraged workers, homemakers, and others). In other cases, it is used synonymously with the more precise and technical term civilian labor force.

<= LABORLABOR FORCE PARTICIPATION RATE =>


Recommended Citation:

LABOR FORCE, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: July 14, 2024].


Check Out These Related Terms...

     | civilian labor force | unemployment rate | labor force participation rate | employed persons | unemployed persons | not in the labor force | unemployment rate, measurement problems | alternative unemployment rates | employment rate | employment-population ratio |


Or For A Little Background...

     | unemployment | labor | macroeconomic problems | macroeconomic goals | factors of production | full employment | recession | circular flow |


And For Further Study...

     | unemployment sources | natural unemployment | unemployment problems | unemployment reasons | unemployment, production possibilities | full employment, production possibilities | Current Population Survey | Bureau of Labor Statistics | gross domestic product | business cycles | macroeconomic markets | resource markets | inflation | stabilization policies |


Related Websites (Will Open in New Window)...

     | Bureau of Labor Statistics |


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