The Labor Force Is Defined as the

question 258

Multiple Choice

The labor force is defined as the

• A) total number of those employed.
• B) total number of the employed and unemployed.
• C) total population less the number unemployed.
• D) number of workers seeking a paid job.

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Definitions:

Economic Model

A theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them.

Simplified

Made easier to understand or do; reduced in complexity.

Reality

The state of things as they actually exist, as opposed to how they may appear or may be thought to be.

Invisible Hand

A metaphor introduced by Adam Smith to describe how individuals pursuing their own interests unintentionally benefit society as a whole.