Question

Consider an economy in which every inhabitant described is unique; no one fits into more than one category. All inhabitants are working-age adults. 3150 people work full-time 2400 people work part-time 400 people aren't working, but are actively looking for jobs on a weekly basis 220 people aren't working, nor are they looking (140 of these used to look, but gave up over a year ago) Calculate the labor force for this economy. Be sure to follow all formatting instructions from the assignment directions.

Answer 1

Answer: ‭5,950‬ people

Step-by-step explanation:

The labor force in a country refers to the number of both employed and unemployed in an economy. Unemployed people by definition are those actively seeking employment which means that discouraged workers and those who are not seeking employment are not included.

Labor force = Working full time + Part time workers + Unemployed

= 3,150 + 2,400 + 400

= ‭5,950‬ people