3.3 (Macro) Calculation: unemployment rate from data set: Practice 2: Unemployment South Africa 2019
Video tutorial illustrating how to calculate the rate of unemployment from a set of data. (At time 0:29) Paper 2, Paper 3 style Question: Using the information provided in Table 2 (Labor market data for South Africa, 2019), calculate the rate of unemployment in South Africa in 2019. Practice 1: Paper 2, Paper 3 style Question: Using the information provided in Table 1 (Labor market data for Chile, 2019), calculate the rate of unemployment in Chile in 2019: • 3.3 (Macro) Calculation: unemployment rate... ---- Playlist: "Macro: Macro objectives: Low unemployment: Natural & Cyclical Unemployment: 3.3": • Macro: Macro objectives: Low unemployment:... Part 1: "3.3 (Macro objectives): Low unemployment: Natural rate, Cyclical unemployment: Real Income Formulas: Pt 1": • 3.3 (Macro objectives): Low unemployment: ... Part 2: "3.3 (Macro objectives):Natural rate unemployment: Aggregate demand/supply of labor: Labor force:Pt 2": • 3.3 (Macro objectives):Natural rate unempl... Part 3: "3.3 (Macro objectives):Natural rate unemployment: Aggregate demand/supply of labor:Labor force: Pt 3": • 3.3 (Macro objectives):Natural rate unempl... Part 4: "3.3 (Macro objectives):Natural rate unemployment: Aggregate demand/supply of labor: Labor force:Pt 4": • 3.3 (Macro objectives):Natural rate unempl... Part 5: "3.3 (Macro) Calculation: unemployment rate from data set: Practice 1: Unemployment Chile 2019: Pt 5": • 3.3 (Macro) Calculation: unemployment rate... ---- 1. World Bank: Population, total - South Africa: https://data.worldbank.org/indicator/... 2. World Bank: Labor force, total - South Africa: https://data.worldbank.org/indicator/... 3. World Bank: Unemployment, total (% of total labor force) (modeled ILO estimate) - South Africa: https://data.worldbank.org/indicator/... ---- Calculations: (At time 1:05): Labor force = quantity of employed labor + quantity of unemployed labor Labor force = 16,356,432 + 6,519,696 Labor force = 22,876,128 (At time 2:35): Unemployment rate = ( quantity of unemployed labor / labor force ) x 100 Unemployment rate = ( 6,519,696 / 22,876,128 ) x 100 Unemployment rate = ( 0.2849999 ) x 100 Unemployment rate = 28.49999% Unemployment rate in 2019 for South Africa = 28.5% (At time 4:35): Common mistake made by students is dividing the unemployed labor quantity by the total population. The total population includes children, retired individuals, etc. and thus is not the labor force quantity.
