Chapter 2 Labor Supply Whether to work and how many hours to work Labor supply in short run, static labor supply decision, In long run 2. 1 Some stylized facts about labor supply Measuring the labor force) BLS CPS The employed(e, a worker must have been at a job with pay for at least I hours, or worked at least 15 hours on a non- paid job such as the family farm the unemployed(u, a worker must either be on a temporary layoff from a job, or have no job but be actively looking for work in the 4-week period prior to the reference week), out of the labor force the population(p)6 Chapter 2 Labor Supply Whether to work and how many hours to work Labor supply in short run, static labor supply decision, in long run 2.1 Some stylized facts about labor supply • Measuring the labor force(LF): BLS CPS • The employed(E, a worker must have been at a job with pay for at least 1 hours, or worked at least 15 hours on a non-paid job such as the family farm ), the unemployed(U, a worker must either be on a temporary layoff from a job, or have no job but be actively looking for work in the 4-week period prior to the reference week) , out of the labor force, the population(P)