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Employed Unemployed Not in the Labor Force 12,000 people 4,000 people 5,500 people

Employed Unemployed Not in the Labor Force 12,000 people 4,000 people 5,500 people

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Refer to the information provided in Table 1 below. What is the labor force?

 

 

 
 
 
 
**Employment Statistics Overview** - **Employed:** 12,000 people - **Unemployed:** 4,000 people - **Not in the Labor Force:** 5,500 people **Diagram Explanation:** The diagram presents a simple table showing the distribution of a population across three categories: 1. **Employed:** This category includes individuals who are currently working and amounts to 12,000 people. 2. **Unemployed:** This group consists of people who are not currently working but are actively seeking employment, totaling 4,000 people. 3. **Not in the Labor Force:** This category represents individuals who are neither employed nor actively seeking employment, totaling 5,500 people. Such data can be useful for analyzing the labor market and understanding employment trends.
Transcribed Image Text:**Employment Statistics Overview** - **Employed:** 12,000 people - **Unemployed:** 4,000 people - **Not in the Labor Force:** 5,500 people **Diagram Explanation:** The diagram presents a simple table showing the distribution of a population across three categories: 1. **Employed:** This category includes individuals who are currently working and amounts to 12,000 people. 2. **Unemployed:** This group consists of people who are not currently working but are actively seeking employment, totaling 4,000 people. 3. **Not in the Labor Force:** This category represents individuals who are neither employed nor actively seeking employment, totaling 5,500 people. Such data can be useful for analyzing the labor market and understanding employment trends.
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