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Andy, Ben , Derek and Michael

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Country

Australia - 75%

Other - 25%

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Gender Participation Rates

Males - 54.2%

Females - 45.8%

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Age Group April 2013 (15+)

The Australian workforce comprises mainly of people in the 15 to 65 age groups.

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In Australia (April 2013) , there were 683,000 unemployed people, hosting a unemployment rate of 5.5%.

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In Australia (April 2013) , there were 11,654,000 employed people, hosting a participation rate of 65.3%.

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Cyclical unemployment: When there is a lack of aggregate demand for labor in the economy and people are forced to be unemployed. When the business cycle is experiencing a recession, or an economic downturn, the number of people unemployed would increase.

Structural Unemployment: When no one is willing to buy the economy's supply of labor, the people are considered structurally unemployed. Therefore, to keep up with the market, people have to update their skills.

Seasonal Unemployment: When an employee's services are only needed during a specific time period or season, they are considered seasonally unemployed through the other periods.

Frictional Unemployment: When an employee has finished their service and is looking for a new job or position, the time period in between are considered frictional unemployement.

Hardcore unemployment: When someone is considered to be generally unfit to be employed, where they lack skills, expertise and experience. Likely this is because they are a refugee or a person just out of jail.

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Unemployment refers to the situation where individuals want to work aren't able to find a job, and as a result labour resources in an economy are not utilised. (the market economy textbook :)

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ie. Demographics

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Employment is an agreement between an employer and an employee, such that the employee will provide their service for the employer or firm in return for monetary compensation.