The Labor Force

The video explores the concept of the labor force, defined by economists as all non-military people who are employed or unemployed. It discusses how the Bureau of Labor Statistics in the U.S. determines employment status and how technology and globalization have transformed the labor market. The shift from manufacturing to service jobs, the impact of outsourcing and offshoring, and the increasing importance of post-secondary education are highlighted. The video also covers recent labor market trends, including the rise of the gig economy and the need for adaptability in career planning.

What are the criteria used by the Bureau of Labor Statistics to define someone as employed?

How has technology impacted the labor force in the United States over the years?

What is the difference between outsourcing and offshoring?

Explain the two theories that economists have regarding the connection between education and wages.

What is a gig economy and how does it differ from traditional employment?