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Economics For Business - Assignment

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Added on  2021-05-31

Economics For Business - Assignment

   Added on 2021-05-31

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Running Head: ECONOMICS FOR BUSINESSEconomics for BusinessName of the StudentName of the UniversityCourse ID
Economics For Business - Assignment_1
ECONOMICS FOR BUSINESS1Table of ContentsIntroduction......................................................................................................................................2Essence of the story.........................................................................................................................2Article analysis: economic theories and concept.............................................................................3Factors responsible for growing wool demand............................................................................3Factor affecting supply of wool...................................................................................................5Recommendation.............................................................................................................................6Conclusion.......................................................................................................................................6References........................................................................................................................................8
Economics For Business - Assignment_2
ECONOMICS FOR BUSINESS2Introduction The agricultural sector is regarded as one of the important component of the economy.Agricultural output has a significant contribution in Australian GDP. The sector not onlyimportant for providing basic necessities to Australian native but also is important for meetingglobal demand. In the Australian agriculture, the livestock export industry holds an importantposition. Wool holds the most important in the livestock industry. Australia accounts for nearly25 percent of the total greasy wool sold globally. In 2015-16, the exported wool from Australiavalued 70 billion (agriculture.gov.au 2018). In recent years, the wool farmers in Australia areenjoying an advantageous position because of growing demand for wool in different countries. Essence of the story The sheep farmers in Australia are expected to experience a considerable flow of cashincome generated from a high return from livestock farming. The farmers will continue to face ahigh price because of huge pressure on demand side. In the international market, Australian woolis valued in terms of Australian dollar. The stability of exchange rate thus plays a crucial role indetermining international demand. The exchange rate has remained at a favorable position in thelast few years. The exchange rate averaged around 74 US cents (farmweekly.com.au 2018). Thefairly stable international price of wool helps to sustain steady demand side growth. The growthin demand being less than that of supply growth ensures a good time for farmers. In the traditional wool industry innovation of new variety of wool product helps tocapture a much wider export market. In just five years (2015-2020) the China’s market ofwool’s sportswear is expected to become double. The Rural Bank forecasts that the demand fornew variety of wool product further increases demand by more than its supply. The Australian
Economics For Business - Assignment_3

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