Your manager has asked you to prepare a 1,200 word report on unemployment in the Australian labour market. In particular, your manager has specifically requested that your report clearly explains:

Differences between fictional unemployment, structural unemployment, and cyclical unemployment; and

The costs associated with unemployment.

The report must be structured as follows:

1. Introduction

2. Unemployment in Australia: An brief overview

3. Major types of unemployment

3.1. Cyclical unemployment
3.2. Frictional unemployment
3.3. Structural unemployment

4. Cost of unemployment

5. Policy Implications

6. Conclusion.

Tips for preparing your report:

• Define your terms;
• Clearly explain economic concepts;
• Make use of multiple references;
• Keep to the word limit; and
• Ensure your assignment is well-presented and free from grammatical and typographical errors.