Define the concepts of the unemployment rate and the labor force participation rate.

Define the concepts of the unemployment rate and the labor force participation rate. Using data from

the Australian Bureau of Statistics (ABS) http://www.abs.gov.au/, collect information on both

unemployment and labour force participation rates for the period 1980 to 2018 inclusive. Employ

annual figures. Be explicit and define and provide detailed sources for the data obtained. Plot the

unemployment and labour force participation rates over-time and provide an explanation of any time-

series patterns, drawing upon economic principles or theory.

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APA