Principles of Macroeconomics / Unit 5 MAC 0403 short lesson, about 20 seconds
The Labor Force
Captions available
The idea
The labor force is the employed plus the unemployed. People out of the labor force are in neither group and are not in the denominator of the unemployment rate.
In practice
Students, retired people and full-time caregivers are usually out of the labor force.
Where people slip
Someone can leave unemployment by finding work or by giving up looking, and only the first is good news.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
Builds on
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