00:01
So here we're talking about unemployment, and i want to break this up into two parts.
00:04
The unemployment, the raw unemployment, is the number of people looking for work with no job, right? the key is that you have to be looking for work to be considered unemployed.
00:22
The unemployment rate, however, is a fraction, right? rates are always fractions.
00:29
They're always relative to someone else.
00:31
It is the number of unemployed people over the number of people in the labor force, right? you might remember that the labor force is equal to the people with jobs plus the unemployed, right? is equal to, right, unemployed plus employed.
00:53
So this is simply memorizing the definition.
00:57
There's no subtlety here.
00:59
We just now need to go through these answers and figure out which it is, right? so a is wrong because it's not percent of population...