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Dependency Ratio (Economics Lesson)
Economics
Inyang Umoh (tutor)
26-02-2016 04:23:00 +0000Dependency ratio is a very simple concept that we've observed in several previous JAMB economics exams. It is a way to measure the number of people in a society that are of working age versus those that are not. In dependency ratio calculations if you are not within the working age rage, you are assumed to be dependent on them others.
The dependency ratio is calculated using the following formula:
(People of working age / People not of working age) * 100
As an example, imagine that working age is between 15 and 65 years old.
Lets look at these two societies:
Country 1:
Population 10 million
GDP: 1000
Number of people between 15 and 65: 3 million
Number of people 0-14 or 65 and older: 7 million
Dependency ratio = (3/7)*100 = 43
Country 2:
Population 10 million
GDP: 1000
Number of people between 15 and 65: 7 million
Number of people 0-14 or 65 and older: 3 million
Dependency ratio = (7/3)*100 = 233
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Inyang Umoh (tutor)
@godbless you are right! it should have been 7/3 instead of 73. I have corrected the problem.
0 26-02-2016 06:05:00 +0000
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Godbless kevwe
my exam is on Thursday (March 3) and am not even that prepared
0 26-02-2016 06:11:00 +0000
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Inyang Umoh (tutor)
There are a lot of lessons in this subject forum to get you started. There's still enough time to improve your score
0 26-02-2016 06:31:00 +0000
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