00:02
We have a total population of 250 ,000 people.
00:06
Our number of unemployed people is 20 ,000, and our labor force participation rate is 80%.
00:13
We want to know what is the total amount of people in the labor force.
00:18
To find that, we will be multiplying our labor force participation rate, which is 80%.
00:24
We'll convert that to 0 .8, and multiply that by our total population, which is 250 ,000.
00:30
So 80 % of 250 ,000 is 200 ,000.
00:41
So that is our total number of people in the labor force.
00:46
Now from there we're going to find our unemployment rate.
00:49
We're going to take our number of unemployed people, which is 20 ,000, and divide that by the total number in the labor force, 200 ,000.
01:02
So our unemployment rate comes out to 20 ,000.
01:07
Divided by 200 ,000, which is 0 .1, and then we'll multiply that by 100%, and we get 10%.
01:27
And then we'll move on to part two...