MagikRevolver:
This depends on how you want your numbers to work out:
If you want "births" and "deaths" to be continuous (for instance, with death rate = 0 if right now there is 1 person and in 2 minutes there will be 2 people, then you know that in 1 minute, there will be Sqrt[2] people)
then you can write a differential equation describing the situation
in particular, for the case where it's just people being born and people dying and the birth rate and death rates are both proportional to the population, this is just
f'(t) = (b - d) f(t)
(where b and d are the birth and death rates per population)
The solution to this is f(t) = e^[(b-d)t]
This solution has the perhaps undesirable result that even 1/2 a person will contribute to producing another person (and that half a person can die and that after half a person dies, the other people will die a little slower)
However, the theory of ordinary differential equations is fairly well developed, and if you have some Calculus knowledge, you'll probably get the hang of writing and solving some of the easier ones eventually. (Some of the harder ones on the other hand can be extremely difficult to solve. It can be shown that many differentially equations are in fact impossible to solve with a simple solution)
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If on the other hand you want your births and deaths to come in discrete amounts so that it doesn't make any sense to say that 1/2 a person was born or died, then you can describe this with a recurrence relation such as the one CRGreathouse described.
Again, there is a theory of recurrence relations that has been developed to solve them, but they are generally more difficult than differential equations. Often when dealing with very large numbers, people ignore the discreteness of a system and pretend that it is continuous so that they can write down a differential equation that might be easier to solve.
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As a side note, one thing that I find quite interesting is that often when you try to solve more difficult difficult differential equations, as part of the solution, you will need to solve a recurrence relation. Likewise, solving recurrence relations often involves solving a differential equation. So if you're interested in solving problems of the sort you're asking about, it'd be useful to learn how to solve both types.
Differential Equations is considered its own subject, so once you know Calculus, you can learn to solve differential equations by reading books on the subject (what I mean is that this is the title of the subject you want to look up). On the other hand, recurrence relations are usually considered part of the larger problem of counting discrete sets of objects in general (since they are used in and make use of many techniques for counting); the title of this subject is Combinatorics.