00:01
So here we're given some information about the composition of the population in this economy, and we need to get started hacking it together.
00:09
So the first thing we can calculate is the labor force.
00:12
The employed plus the unemployed are the labor force by definition, right? that is literally the definition of the labor force, the employed plus the unemployed.
00:24
So the labor force here is for 10.
00:27
So that's the labor force.
00:28
The next thing we need to calculate, i'm going to do anyone, is all this, right? this is the working age population, right? the labor force plus not in the labor force, right? you only count if not in the labor force if you are of age, right? people who are 12 years old or six months old don't get counted as not in the labor force.
00:52
You have to be of age to be counted in the not in the labor force.
00:57
So the working age population here is for 60, which would imply that there are 40 million people here who are 14 year younger, right? we've got a very old society.
01:07
So we now want to get some rates...