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HI5003 : Economics for Business

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HI5003 Economics for Business (HI5003)

   

Added on  2020-04-13

HI5003 : Economics for Business

   

HI5003 Economics for Business (HI5003)

   Added on 2020-04-13

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Running Head: ECONOMICSEconomicsName of the StudentName of the UniversityAuthor note
HI5003 : Economics for Business_1
1ECONOMICSTable of ContentsIntroduction................................................................................................................................2Summary of the article story......................................................................................................2Economic evaluation of the story...............................................................................................3Recommendation........................................................................................................................6Conclusion..................................................................................................................................6References..................................................................................................................................7
HI5003 : Economics for Business_2
2ECONOMICSIntroduction In Australia agriculture is regarded as one of the important sectors of the economy.Australian farmers contribute 60 percent total farm production in world. Based on inputsfrom the agricultural sector different industries have grown up. This indicates significantforward linkage of the industry. Agriculture contributes to 2.3 percent of nation’s GDPthrough direct production and export values ((Langridge, Cordell and D'Occhio 2014).. Apartfrom meeting domestic demand for food the sector supports export market and earns nearlyAUD$41 billion every year. Therefore, the nation always focuses on the growth ofagricultural sector. Recently, policy initiated to promote and boos export of agro products. Summary of the article story The top three export markets of Australia are China, United States and Japan. Theproducts that China imports from Australia include wheat, butter and wool. China haseliminated the tariff barriers to freely import and sell Australian beef and dairy products inChina’s market. The Free Trade Agreement between Australia and United States strengthenthe trade relation between the two nations (Fleming and Coulter 2017). US import asignificant portion of dairy products, avocados, cotton and beef. Japan manly importsoilseeds and grains from Australia. In the Australian export market these three nationsaccount 21%, 11.3% and 9.4% respectively.In view of slightly declining trend of Australian agricultural export Prime MinisterTurnbull announces that the government will develop a Unified national brand in order tohelp Australia to main its competitive position in globally extended trade markets of China,US and Japan. The government committed to develop a much stronger national brand underits foreign trade policy (theaustralian.com.au 2017). There are growing demands for goods
HI5003 : Economics for Business_3

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