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.

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