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ECON 3008 - Demand-Supply Management Of Resources In Australia Paper

   

Added on  2020-02-24

8 Pages1477 Words47 Views
Running head: DEMAND AND SUPPLY OF CERTAIN RESOOURCES IN AUSTRALIADemand and Supply of Certain Resources in AustraliaName of the StudentName of the UniversityAuthor note

1DEMAND AND SUPPLY OF CERTAIN RESOURCES IN AUSTRALIATable of ContentsIntroduction......................................................................................................................................2Summary highlights of the story......................................................................................................2Economic theories and concept.......................................................................................................3Recommendation.............................................................................................................................5Conclusion.......................................................................................................................................5References........................................................................................................................................6

2DEMAND AND SUPPLY OF CERTAIN RESOURCES IN AUSTRALIAIntroduction Availability of resources is the basics for production activity in the economy. Rich anation is natural resources greater is the scope for economic growth of the nation. Sometimesdespite having, plenty of natural resources country often lags behind the expected growth. Anexample o such nation is Africa. Because of inability to extract the resources, the resourcesremain unutilized. Therefore, proper resource management is crucial. In the paper, demandsupply management of resources in Australia is discussed. Summary highlights of the story Agricultural, mineral and human resources are basis for Australian production activity.The analysis of primary resource is similar to general analysis. However, special attentionneeded for mineral and human resources. In the stock of mineral resources, Australia encountersproblem in the domestic availability of natural gas. Natural gas is used as a primary raw materialin power plants. With a lack of supply of basic raw materials, power production is hampered.Contraction in power supply increase price of electricity causing suffering to domestichousehold. The problem is supply shortage is although created by large suppliers of LNG. This isthe main discussion topic of the article chosen for present analysis (dailytelegraph.com.au 2017).The main force for supply shortage is the large-scale export of LNG. The internationalmarket is a more lucrative place for business. A large share of natural gas was previouslysupplied by Queensland alone. With growing attention to export, more than 58% of supplied gasis now exported to big exporters like Shell, Origin and Santos (Lodhia et al. 2013). Thiscontributes to mismatch between supply and demand in the domestic target. In Australia, most of

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