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Agricultural Reforms in Australia

Choose a topic from Microeconomics and analyze a recent news article using economic concepts.

9 Pages1445 Words33 Views
   

University of Warwick

   

Economics for Business (EC131)

   

Added on  2020-03-04

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In the EC131 Research Paper, we discuss Economics For Business, Agriculture, or the Primary sector as the basis of growth in any economy. Without ensuring a Stable Food Supply, no nation can focus on industrial development. Apart from delivering food, the agricultural sector also works as a supplier of raw materials for agro-based industries. This is the reason the nation always focuses on the reform of the agricultural sector. The paper analyzes the reform of agro policy in Australia.

Agricultural Reforms in Australia

Choose a topic from Microeconomics and analyze a recent news article using economic concepts.

   

University of Warwick

   

Economics for Business (EC131)

   Added on 2020-03-04

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Running head: ECONOMICS FOR BUSINESSAgricultural Reforms in AustraliaName of the StudentName of the UniversityAuthor note
Agricultural Reforms in Australia_1
1ECONOMICS FOR BUSINESSTable of ContentsIntroduction................................................................................................................................2Essence of the Story...................................................................................................................2Economic theories and Concept.................................................................................................3Agriculture with a regulated market......................................................................................3Agriculture with unregulated market.....................................................................................4Recommendation........................................................................................................................5Conclusion..................................................................................................................................5References..................................................................................................................................7
Agricultural Reforms in Australia_2
2ECONOMICS FOR BUSINESSIntroduction Agriculture or primary sector is the basis of growth in any economy. Withoutensuring stable food supply, no nation can focus on industrial development. Apart fromdelivering food, agricultural sector also works as suppliers of raw materials for agro basedindustries. This is the reason nation always focuses on the reform of agricultural sector. Thepaper analyzes the reform or agro policy in Australia. In most of the nation, reform includesactive government intervention to secure the interest of farmers. However, in Australiathough significance given to this primary sector but the approach is slightly different. Apublished news report focusing on this aspect is evaluated in light of economic theories andimplication.Essence of the StoryGrowth and development of primary sector is usually subject to government supportand intervention. Government offers huge subsidy to motivate the farmers. Minimum pricesupport policy is also common for agricultural products. Common Agricultural Policy (CAP)is a policy designed by European Union to guide its member nation towards a developedagricultural sector. Under this, scheme farmers receive allowance or subsidy for continuingfarming (Queensland Country Life 2017). Farmers in Ireland and United Kingdom are largelybenefitted from this kind of subsidy. Apart from direct subsidy, different learning programfor improving productivity of agro products have been conducted by the government andfarmers eagerly participates in those programs. CAP also covers areas such as promotion andmarketing of product, sustainable development of rural areas and at the same time protect theenvironment (Swinbank and Daugbjerg 2017).
Agricultural Reforms in Australia_3

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