Economics and International Trade
Added on 2021-02-21
11 Pages2407 Words171 Views
Economics
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Economics andInternational Trade
Table of ContentsINTRODUCTION...........................................................................................................................31. Overview of Construction Industry.........................................................................................32. Analysis of market structure in the construction industry......................................................43. Determinants of demand and supply influencing the construction industry...........................64. Elasticity of demand for construction industry.......................................................................75. Analysis of event that has impacted the construction industry...............................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11
INTRODUCTIONEconomics and international trade is being done through the exchange of goods andservices in between the countries as this trade will make the economy more strong in whichprice, supply and demand are affected by the global events. This report contains the overview ofthe Business Solutions Inc. that deals in the premier information system in consultancy company.This report elaborates the statistics of revenue, employment and the contribution of the companyin the national GDP and growth rate. This report also analyse the market report market structureof the company in which the market structure is being shown.1. Overview of Construction IndustryThe construction industry of Australia is the largest growing industry sector in country.The rapid growth of the industry will continue to contribute a large share of GDP and willprovide more employment to people and contribute to the development of prosperous economyof Australia. The construction industry in Australia has an influential effect on populationgrowth, labour, technology and housing. Key statistics of the construction industry in Australiaare stated as :
The construction industry in Australia is a large employer as it employs around 1.1million people of Australia in different roles in the industry. This figure is bound toincrease as the industry is expanding in regard to technology, financial sectors andservices.The construction industry of Australia contributes around 8% to the GDP (gross domesticproduct) of the nation. This sector is largest in non service industry by contributing 134.2billion dollars to the Australia's economy. The investment can increase in constructionindustry in reference to its size and value.Australia has experiences a speedy growth of population with a yearly growth rate of1.6%. The rise in population will cause a rise in demand of new construction structures ofboth commercial and residential space.The total construction work in Australia is rising by 2 percent in each quarter. This proofsthat the potential of construction industry is rising day by day. The growth rate will serveas a fuel to greater effective and efficient commercial and residential structures inAustralia. The commercial construction work tends to rise by 9.3 percent due to increasein population in urban areas of the country. The construction involves road, rail,telecommunications and civil projects.The employment in Australia's industry experiences a growth rate of 3 percent. This willexpand the growth of economy of country. The government of Australia, confirms the expenditure of 75 billion Australian dollars inten year national infrastructure plans in May 2018 which will focus on the improvementof road safety and tackling congestion (Nadhim and et.al. , 2016). 2. Analysis of market structure in the construction industryThe market structure describes the composition of different sizes of firm and how thesefirms are diversified into sub sectors. The type of market structure in construction industry isPerfect Competition. Perfect Competition structure involves many firms each selling identicalproducts and there is no restriction on entry of new entrants in the industry. The firms in theindustry have no advantage over the entry of new firms. The suppliers and buyers are both wellinformed about the price of the products and services of each and every player in the industry.
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