Cost of Production Under Manufacturing Sector in Australia : Report

Economics for business

Table of Contents
INTRODUCTION...........................................................................................................................1
1. Cost of production under manufacturing sector in Australia:.................................................1
2. Evaluate cost of production under manufacturing sector by using economic concept:..........2

INTRODUCTION
Economics reflects any country's growth in terms of its Gross Domestic Product and this requires skilled
analysts in order to know about country's economy. Cost is the major tool for making any product or service. Each
firm is keen to reduce their cost of production in an effective manner so that they would able to make their product
cost at an optimal level. Under this project, the economies for business will be described. The costing structure in
this country is analysed in an effective manner under this report.
Task
1. Cost of production under manufacturing sector in Australia:
Cost of production is the main aspect for producing any product. This assist the firm to fix their selling
price after knowing the cost of production of the product (Newbold, Carlson and Thorne, 2012). Producers
are accountable for producing a different range of products covering like- food, textile, footwear, clothing and
leather, beverage and other tobacco product, chemical products, pulp and paper. Metals and plastics and other
kinds of products.
There are some topics which are covered under the manufacturing industry. These are: research, main legislation
and initiatives, licence and permits, employment, finance and tax, grants workplace health and safety, insurance,
intellectual property industry training, main government firms, industry groups and much more. Some of the m are
discussed in details:
Research: Research is a most important tool of planning for any business. This might uncover economic and
industry trends, frame or enhance business and assist the firm to keep pace with the industry.
Main legislation and initiatives: Legislation usually plays a broad part for running the business in a legal way.
Hence, this is important to well familiar with the laws which could apply to manufacturing industry (Pearson
and et. al., 2013).
Licences and permits: Kinds of licences and permits needs are totally based on the nature of manufacturing
business and production of goods. There are few businesses which needs licence requirement for production of the
goods. These are: therapeutic goods, alcohol, fuel related products, tobacco products, etc.
Employment: If any company is planning to recruit staff, then there is a need to comply with Australia's national
workplace laws and specific needs in manufacturing industry (Anderson and et. al., 2014).
Finance and taxes: There are various number of finance and tax tools which are connected to the manufacturing
industry that covers Goods and Service Tax, importing goods.
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