ECONOMICS FOR BUSINESS 10 10 ECONOMICS FOR BUSINESS Economics for Business Name of the student: Australia

Running head: ECONOMICS FOR BUSINESS
Economics for Business
Name of the student:
Name of the University:
Author note

ECONOMICS FOR BUSINESS1
Table of Contents
Answer 1:...................................................................................................................................2
Answer 2:...................................................................................................................................4
a:.............................................................................................................................................4
b:.............................................................................................................................................5
c:.............................................................................................................................................6
d:.............................................................................................................................................7
e:.............................................................................................................................................8
Reference:................................................................................................................................10

ECONOMICS FOR BUSINESS2
Answer 1:
Australian economy has been rising at a substantial rate during the recent years.
Economy has gained much amount of stability post-recession period of 2008 and presently it
is marching smoothly towards the sustainability (Shafiullah et al., 2017). As the economy has
been facing boom in the mining industry, agricultural industry as well as service export
industry, the economy has been providing adequate job to the citizens and controlling the
inflation level moderately.
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
0
1
2
3
4
5
6
7
8
Unempployment rate
Unempployment rate
Figure 1: Unemployment rate of Australia
Source: (Created by author)
Figure 1 depicts that the over the last one and half decade the employment rate of the
economy has face various fluctuation, however it remained within tangible limit. During the
Global Financial Crisis, back in 2008, unemployment rose by a large amount and post this it
has reduced again through the government’s initiation and stimulus packages (Khemka et al.,
2017). In addition to controlling the unemployment rate, the economy has managed the
inflation rate as well through the efficient planning.

ECONOMICS FOR BUSINESS3
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
Inflation rate
Inflation rate
Figure 2: Australian inflation rate
Source: (Created by author)
As it can be seen from the figure 2, over the time inflation rate of Australia has faced
various fluctuations too. There has been high rise in the inflation rate back in 2008 and post
that year, it fell sharply. During the late 2010, inflation rate started to rise again, however,
government with its effective policies controlled the same (Behlul et al., 2017). Presently the
inflation rate of the country is falling, making the standard of living higher for the population
of the Australia.
Now, analysing the association between the Australian inflation rate and
unemployment rate is important for the clear image of the growth prospect of the state.