Economics Assignment 2022

Running head: ECONOMICS
Economics
Name of the Student
Name of the University
Author Note

ECONOMICS1
Section 1: Introduction
The market economy of Australia is that of mixed kind and accounts for the largest
economy of mixed market possessing a Gross Domestic Product (GDP) of approximately 1.69
trillion dollars.
One of the most important sectors of the economy is the agricultural sector which
accounts for 3% of the total GDP belonging to Australia with respect to the farm level and 12%
when the processing of the products beyond the form level has been considered. Another
important factor that can be mentioned you have been operating in this economy is the
manufacturing sector that contributes towards 6% belonging to the GDP. Another important
sector in the Australian economy is a service sector and it has been accounting for 70% with
respect to GDP (Courvisanos, Jain & Mardaneh, 2016).
The main products and services in Australia are:
• Iron ore and derivatives
• Coal
• Education based services of travelling
• Natural gas
• Travel services of personal nature
The major export countries or market in Australia are:
• China (29.6%)
• Japan (12%)

ECONOMICS2
• South Korea (6.1%)
• United States (5.6%)
• India (5.1%)
Some of the big companies belonging to Australia are:
• Wesfarmers ($69billion)
• Wordsworth ($56billion)
• Commonwealth Bank of Australia ($45billion)
• BHP ($39billion)
• Westpac Banking Corporation ($38billion)
Although there has been an expansion in the GDP by 0.5% with respect to June quarter
along with a 1.4 % with respect to the year but it can be conceived as a slowdown in the annual
growth in line with the sluggish rate of growth of economy in the last 10 years
(tradingeconomics.com, 2019).

ECONOMICS3
Section 2: Production Output Performance
Fig 1: Australian Real GDP (10 years)
Source: (tradingeconomics.com, 2019)
The real GDP is a measure in macroeconomic pertaining to the economic output value
adjust with respect of changes in price that is deflation or inflation. This particular adjustment
changes the measure of money value, nominal GDP to quantity index with respect to total
output. The real GDP can be conceived as a comparison between nominal values as well as real
values in economics. When the real GDP with respect to several years are computed using
quantities for each of them from the only years and utilising prices from same base year would
depict the differences with respect to real GDP would provide the differences with respect to
volume only (Rees, Smith & Hall, 2016).
The Australian GDP has expanded to almost 1.4% your over year as per the reports
conceived in June 2019. This expansion has been following the growth that was visible in the
previous quarter accounting for 1.7%. In Australia the real GDP expansion is recorded as well as
updated with respect to year over year data on quarterly basis. As per the data available from