logo

(Doc) Economics for Business: Assignment

14 Pages2862 Words135 Views
   

Added on  2021-06-17

(Doc) Economics for Business: Assignment

   Added on 2021-06-17

ShareRelated Documents
Running Head: ECONOMICS FOR BUSINESSEconomics for BusinessName of the StudentName of the UniversityCourse ID
(Doc) Economics for Business: Assignment_1
ECONOMICS FOR BUSINESS1Macroeconomic performance of a nation depends on several indicators. Gross DomesticProduct is considered as one composite measure of overall output of an economy. It gives anoverview overall performance and considered as a gross index of measuring social and economicwell-being (Mankiw 2014). The economic growth of a nation is measured as a percentagechange in GDP. In this essay, the trend growth rate of Australia over the past five years has beendiscussed. Australia is a developed nation accounting a historically stable growth rate for aconsiderable long period. Like most other developed nation, service sector is the biggestcontributor of GDP followed by industrial and agricultural sector. In terms of GDP, Australiaranked 12th in the world. Australia successfully maintained its strong position in the internationalmarket even in the phase of global financial crisis of 2008. The economy of Australia remainedrelatively less harmed during global recessionary shocks. Recently, the economy however isgoing through a continuous phase of economic downturn. The recent slowdown in economicgrowth has resulted from a number of internal and external factors. Among the internal factorsinstability in housing market and continuous decline in mining investment are the two primaryfactors (Thorpe and Leitao 2014). External forces include deteriorating terms of trade flowingslowing growth in China and depreciation of Australian dollar. The slow growth however is lesslikely to put the nation in any future economic recession because of faster growth in service andnon-mining sectors. The paper aims to provide important insight about past and future prospecteconomic growth of Australia. Australia is counted as one of the fastest growing nations in the developed world. Therecent growth rate of Australia is however below the 50 years’ average growth rate of 3.2% oreven lower than the average growth rate of 20th century. The comfort news for Australia is thatthere are developed nations in the world that records a slower growth rate than that Australia
(Doc) Economics for Business: Assignment_2
ECONOMICS FOR BUSINESS2does and also faced with problems like increasing level of national debt, burden of high taxation,large deficit in government budget and excessive legislation. Australia is a modern having a large mix of different industries and services. Thedifferent industries make enough contribution in terms of value added to maintain a stablegrowth track. The figure below shows existing economic sectors in Australia along with theirrespective share. Figure 1: Industry mix of Australia (Source: ibisworld.com.au 2018)Like most other developed nations, Australia do have a mixed service dominated economies. Thecontribution of manufacturing in GDP is projected to fall to 5%. The share of manufacturing inearly 1960s was almost 29%. The rising standard of living however confirms that manufacturinghas replaced by some other wealth generating nations (Powell, Ryan and Lamb 2017). The two
(Doc) Economics for Business: Assignment_3
ECONOMICS FOR BUSINESS3figure below compares growth contribution of different sectors in most recent year with that ofthe last five years.Figure 2: Growth contribution in recent year (Source: ibisworld.com.au 2018)
(Doc) Economics for Business: Assignment_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
(pdf) Sample Assignment on Economics
|15
|3510
|31

Analysis of GDP, Economic Growth and Consumption Expenditure of Australia
|5
|1166
|287

Macroeconomic Environment of Australia
|15
|3489
|45

Analysis of economic growth of Australia in the last 3 to 5 years
|19
|3601
|449

Business Economics: Economic Performance of Australia and New Zealand
|14
|4165
|455

Evaluation Of Macroeconomic Performance of Australia
|13
|3244
|47