Lecture 1 After Mid

Labor as a resource

Resources. Factors of productions. Inputs.

Resources : All which is prepared to enter in economic uses Factors of production All which is ready to enter in economic uses Inputs All which is really used in production process

Population : people as resource Human force : people as factor of production people as factor of production Labor force: people as input in production process

Slides Prepared By:Dr.Abdelmohsen Mostafa6 Labor force : It is the number of population above a certain appropriate working age It is the number of population above a certain appropriate working age ( usually 18 years of age, whether employed or not), and the pop above of 60 years) ( usually 18 years of age, whether employed or not), and the pop above of 60 years) Labor force = Population – (pop under 18 years of age + pop above 60 years of age).

Important rules 2- Labor force rate = Number of labor force Number of labor force Total population Total population 2- Labor force rate = Number of labor force Number of labor force Total population Total population Slides Prepared By:Dr.Abdelmohsen Mostafa7 1-Labor force = unemployment + employed + employed