Although I didn't really start to become interested in the radio until 1974, the works of Jim Croce were extremely popular in the early 70s when I was growing up. Most of the younger generation are probably unfamiliar with his work due to Croce's tragic death in an airplane crash in September 1973, when Jim was only 30. Ironically, he died one day before the release of his fifth album, I Got a Name.
This particular song, Time in a Bottle, was released on his 1972 album, You Don't Mess Around With Jim, with both the song and the album reaching #1 on the charts in 1974. The song was written for Croce's then-unborn son, A.J. Croce, who would later become a successful musician in his own right. Although I haven't found any sources to confirm this, I'm fairly certain that the woman and child in the the video are Jim's wife, Ingrid, and his son, A.J.
Jim Croce - Time In A Bottle 1972 by tch47