Analysis of Australian mining resource with demand and supply

Running head: ECONOMICS FOR BUSINESS
Analysis of Australian mining resource with demand and supply
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1ECONOMICS FOR BUSINESS
Table of Contents
Introduction:....................................................................................................................................2
Assessment of the elected editorial:................................................................................................2
Effect on the stakeholders:...............................................................................................................3
Analysis of the report with economic ideas:....................................................................................3
Recommendations to control the state of affairs:............................................................................4
Conclusion:......................................................................................................................................4
Reference:........................................................................................................................................6

2ECONOMICS FOR BUSINESS
Introduction:
Australia is one of the mineral rich country that contributes substantially in the country’s
growth projectile. According to the statistics, mining industry of the Australia shares 8.4% to the
GDP of the nation that has allowedit to become one of the largest growth multiplier for the
nation (Ivanova 2014). However, over the year since 2006, there has been reduced growth in
mining industry of Australia due to various reasons (Bishop and Cassidy 2017). Recently it has
been observed that there is certain rise in the tech metals production, which is aiding the
country’s economy to face a mining boom again. According to the article posted in the ABC
news, coming mining boom in the country is set to get motivated by the tech-metals (McHugh
2018). This report is focused to discuss the selected article with the various economic tools like
supply and demand framework and trace who are the affected stakeholders. In addition to this,
analyzing the selected article the report will portray recommendation to gauge or enhance the
situation.
Assessment of the elected editorial:
According to the selected article it has been found that there is certain rise in the
Australian tech metals in the world economy and in addition to this it is obvious that Australian
economy is all set to face another mining boom in the coming years. Australian economy is
accounted for 2.2% mining ore trading out of total world mineral trade (McHugh 2018). It
generates large amount of employment in the nation and with the rise in the demand of the
Australian tech metals from the developed countries, it is all set to face another boom in the
recent years. There has been certain fall in the demand of the Australian mining products during
the Global Financial Crisis during 2008 that has slowed down the growth of the Australian
mining boom since 2010 (Dwyer et al. 2016). Next to this recently it has been found that the