(pdf) Sample Assignment on Economics
Added on 2021-06-17
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Running Head: ECONOMICS ASSIGNMENT Economics AssignmentName of the StudentName of the UniversityCourse ID
ECONOMICS ASSIGNMENT 1Table of ContentsIntroduction......................................................................................................................................2GDP composition of Australia.........................................................................................................2Trend in Australian GDP and economic growth.............................................................................3Factors explaining trend in GDP.....................................................................................................6Consequences of slow economic growth.........................................................................................8Economic growth and government policy.......................................................................................8Policy of Australian government toward economic growth............................................................9Conclusion.....................................................................................................................................10References......................................................................................................................................12
ECONOMICS ASSIGNMENT 2Introduction Gross Domestic Product signifies total market values of goods and services produced in anation in a given year. In order to compute market value of goods and services, the market priceof these goods and services needs to be used. Goods and services valued at current year marketprice gives nominal GDP (Heijdra, 2017). When the values are computed based on prices of afixed base year, and then it is called real GDP. GDP being one of the representative measures ofoverall output is used to trace overall performance of a nation. Rate of change in GDP from oneyear to another is taken as a measure to capture economic growth of a nation. The performanceof an economy can be understood from observing the trend in GDP growth rate. A gradualincrease in GDP indicates growth of a nation and hence an improvement in living standard(Rostow, Baker & Baker, 2016). The report analyzes trend in GDP and economic growth incontext of Australian economy. Australia considered as one of the highly developed nations with prevalence of a mixedmarket economies. The economy has experienced an uninterrupted growth rate for a long periodof 26 years. Australia is the only nation in the list of OECD nation that successfully escapedfrom the recessionary impact of global financial crisis. The nation ranked 13 in among thedeveloped nations of the world. According to IMF report, GDP of Australia grew at a rate of2.2% in 2017 (Hartwell, 2017). The slowing growth in Australia has resulted from slowinghousing investment and decline in mining export. Household and consumption spending inAustralia are struggling because of a low growth in wage. The paper discusses GDP and growthperformance of Australian economy along with consequences of slow growth and possiblegovernment policy measure to ensure a sustained economic growth.
ECONOMICS ASSIGNMENT 3GDP composition of AustraliaThe three main sectors contributing to gross domestic product of a nation includeagricultural, industry and service sector. Australia is a modern economy when considered interms industry mix. The contribution of agriculture in GDP of Australia is only 4%. However,when values from food and other primary product processing industry added the share rises to12%. More than 60% of the farm products in Australia are exported. Since 2013-15,Agriculture, Fishing and Forestry industry is considered as the second strongest industry of thenation. The sector also accounts for a considerable employment generation. The contribution ofindustrial sector in Australian GDP is around 26.6% (ibisworld.com.au, 2018). Mining is one ofthe most vial industry of Australia comprising 8.8% of GDP. Queensland, Victoria and NewSouth Wales are the three nations known primarily for coal mining. Australia exports 54% ofcoal mined to different nation particularly nations belonging to East Asia. Manufacturingconstitutes 5.9 share of industry. Other import industries of the nation include construction,wholesaling, retailing and other. Australia is a service sector dominated economy with share ofservice sector being 69.4%. In the service sector maximum contribution comes from finance andinsurable with a share of 8.8 percent (Nevile, 2016). The big four banks of Australia areconsidered in among the list of 50 safest banks of the world. Other important sub-sectors inservice sector include tourism, media, tourism, education, logistics, rental, hiring and real estateservice, professional and technical service and others. Trend in Australian GDP and economic growth
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