The basic needs of every human being are food, clothes and shelter. In the present world one more essential need has to be added – employment, because we all need employment to earn money. Those engaged in economic activities, in whatever capacity, are called employees; people who employ these workers and pay rewards for their work are called employers.
1. Labour Force
- The labour force of the economy is the number of people in the country who work and are also capable of working.
- The age group of 15–60 years is taken for the computation of the workforce.
- Persons less than 15 years are considered children; persons who have crossed 60 years are excluded as they are not physically fit to undertake productive occupation.
- If a larger percentage of the population is children and old-age persons, the working force is small and the progress of the country would be very slow.
- A small working force will also have to maintain a larger non-working force out of a small national product.