Unemployment and Labor Force Participation: Work It Out 1 of 3 Suppose the island nation of Freelandia is composed entirely of the following mutually exclusive groups: 190 people who are employed. 10 people who are unemployed. 20 people who are students. 30 people who are retired. 60 people who are children. What is the size of the labor force in Freelandia?

200

Explanation:

The labor force in an economy is composed of all adults able-bodied individuals who are employed or actively seeking employment. Employed people are those engaged in economic or income-generating activities.  Unemployed are jobless individuals who are actively seeking work.

In Freelandia, labor force participation will be composed of the employed and the unemployed people.  As per the definition of the labor force, children will not be included as they are not adults. Students and retired people are not seeking employment; hence should not be in the labor force. Therefore, the labor force will be 190 plus  10, which is 200.

the u.s. census bureau produces data on the population and economy nationwide. it can you to analyze the kind of people living in your neighborhood. it does not show you the market of people willing to buy your product or an existing market for your product. that will require more market research. the census bureau only gives you an insight to the demographics in your area.

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