Economics Assignment - Economy of Australia

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Added on 2020-10-23

Economics Assignment - Economy of Australia

Added on 2020-10-23

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Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11. Economy of Australia.............................................................................................................12. Current situation and performance of the economy................................................................13. Major economic problems being faced by Australian Economy............................................34. Possible solution subject to above problems...........................................................................45. Export products and services for a port city in Australia's economy......................................5CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6

Economics Assignment - Economy of Australia_2

INTRODUCTIONEconomics contains a study to measure production, consumption, wealth creation for acountry for period specific considered. It is considered as a science that contains in depthknowledge and understanding of microeconomics and macro-economic factors subject to price,demand and supplied quantity (Posner, 2014). Current situation and performance of economyand areas covered with the levels and growth rates in total GDP are summarised in this report.Major sectors that assist the economy of a nation elaborated in this report. Major problems ineconomy and possible solutions will be examined here as well. Also, export products subject todemand and supply through trading ships will be covered.MAIN BODY1. Economy of AustraliaAustralia is the sixth biggest country in the world. Most of the population is located ateast coast. Country is mainly divided up into five states and two territories. The most interestingfactor of Australian economy is their way of growth and development of economy after thesecond world war. It has grown in a very dynamic way in all the streams as agriculture,production and supply of services and goods, export and import, foreign investment and theintensive farming regions of other countries in medical and chemical deficiencies with asignificant amount. Their constitutional framework has also been made from UK and USconstitution (Ruming, 2014). Diverse government authorities are found in Australia subject toboost the living structure and the functions of local efforts. Main functions are used asinspection, licensing and managing the flow of public facilities, citizen ship planning and thepromotions of districts to present the civilised model with in and outside the world.2. Current situation and performance of the economyEconomic growth of Australia is expected to grow in upcoming years by analysis ofcurrent economic records. The demand of products and services outside the nation has beenincreased which is one of the positive factor for the economy. Non mining business investmentand policies related to accommodative monetary policies have contributed enough to increase thegrowth level of Australian economy. Economy of Australia is one of the large mixed marketeconomy with the GDP growth rate of A$ 1.69 trillion as of 2017. the economy is dominated by1

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