Workforce
Definition
Workforce refers to the total number of people who are employed or available for employment. It includes both those currently working as well as those seeking employment.
Analogy
Picture a big puzzle with each piece representing a person in society who can contribute through work. The workforce is like putting all these pieces together - it consists of everyone who can take part in building the complete picture.
Related terms
Labor Market: The labor market is where employers (businesses) interact with potential employees (job seekers) for hiring purposes.
Unemployment Rate: The unemployment rate measures the percentage of people who are actively looking for employment but unable to find jobs within an economy or specific region.
Minimum Wage: The minimum wage is the lowest legally allowed wage that employers must pay to their workers, ensuring a basic standard of living.
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