The labour force comprises all those who work for gain, whether as employees, employers, or as self-employed, and it includes the unemployed who are seeking work. The labor force equals the employed plus the unemployed members the civilian noninstitutional population. Learn how employability is affected by market and economic conditions. Definition: Labour force participation rate is defined as the section of working population in the age group of 16-64 in the economy currently employed or seeking. The labour force is all people who are of working age, and able and willing to work. Neoclassical economists view the labour market as similar to other markets in that the forces of supply and demand jointly determine the price (in this case the.