Define the term labor force distinguishing between the inter

Define the term labor force, distinguishing between the internal labor force and the external labor market.

Solution

The term labor force is described in two ways;

1) From organizational point of view

2) From country\'s point of view

Let us first understand, what is a labour force from organizational point of view, it is simply the number of employees working with the organization that are reffred to as the labour force.

Say for example, A company has, 30,000 employees working at different positions and levels, it will be said A company has a labour force of 30,000.

From the point of view of country, a labour force are people working and people looking for work, i.e looking for work but are employed anyhow. These two classes constituents the labour force of a country.

The answer written cleary describes among the two terms, i.e Internal labour force and external labour market, employees of any organization are internal labour force, while people working outside the organization and people looking for work are external labour market.