- Identify that the total labor force is 600 and the total employed is 500.
- Determine the number of unemployed individuals as the difference, which is \(600 - 500 = 100\).
- Calculate the unemployment rate using the formula \(\frac{\text{Unemployed}}{\text{Labor Force}} \times 100\%\), which is \(\frac{100}{600} \approx 16.67\%\).
- Round the result to the nearest whole percent to get \(\boxed{17\%}\).
Explanation
- Analyzing the Data and Determining Unemployed Individuals
The provided data gives us the components necessary to calculate the unemployment rate. We are given the Total Population (1,000), Total Population Over 16 (800), Total Labor Force (600), and Total Employment (500). The labor force is defined as the sum of employed and unemployed individuals, expressed as:
\[\text{Labor Force} = \text{Employed} + \text{Unemployed}\]
To find the number of unemployed individuals, we subtract the total employment from the total labor force. Given that the total labor force is 600 and total employment is 500, we have:
\[\text{Unemployed} = 600 - 500 = 100\]
- Calculating the Unemployment Rate
The unemployment rate is defined as the percentage of the labor force that is unemployed. The formula for the unemployment rate is:
\[\text{Unemployment Rate} = \left( \frac{\text{Unemployed}}{\text{Labor Force}} \right) \times 100\%\]
Substituting the known values into this formula, we get:
\[\text{Unemployment Rate} = \left( \frac{100}{600} \right) \times 100\%\]
Simplifying the fraction, we have:
\[\frac{100}{600} = \frac{1}{6} \approx 0.1667\]
Converting this decimal to a percentage by multiplying by 100, we obtain approximately \(16.67\%\). Rounding this to the nearest whole percent, we get \(17\%\). Therefore, the unemployment rate is \(17\%\).
Examples
Understanding how to calculate the unemployment rate is essential for analyzing economic health. For example, if a local government is evaluating its regional economy, they use these statistics to determine if more job creation programs are needed. By knowing the ratio of unemployed workers to the active labor force, policy makers can better allocate resources, plan educational training, and gauge the overall well-being of the workforce. This basic statistical tool is a fundamental concept in economics and public policy.