Define these terms: Labour force, workforce, labour force Participation Rate, Unemployment Rate and worker-to-population ratio.

Answer

•      Labour Force refers to the number of persons actually working or willing to work.

•       However, workforce refers to the number of persons actually working. Thus, workforce does not account for those who are willing to work. The difference between labour force and workforce is the total number of unemployed persons.

•      Labour Force Participation Rate (LFPR) is defined as the number of persons in the labour force divided by the total working age population.NSSO defines LFPR per 1000 persons

•      Worker Population Ratio (WPR) is defined as the number of persons employed per 1000 persons.

WPR= (Number of employed persons/Total Population) x 1000