Workforce size refers to the total number of people available for work within a specific population or labor market. It includes both employed and unemployed individuals who are actively seeking employment.
Imagine a basketball team where each player represents a worker. The workforce size is like the total number of players available on the bench, ready to be called into action when needed.
Labor force participation rate: This term refers to the percentage of working-age individuals who are either employed or actively looking for work.
Unemployment rate: The unemployment rate measures the proportion of unemployed individuals in relation to those who are part of the labor force.
Demographics: Changes in population demographics, such as aging populations or shifts in birth rates, can impact workforce size.
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