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The Economy of Australia - ECCON 101 - Economics

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University of Illinois at Urbana-Champaign

   

Principles of Microeconomics (ECON 101)

   

Added on  2020-03-04

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In the ECON 101 Research Paper, the economy of Australia is considered one of the developed and largest Mixed Economies in the world having a GDP Economics of AUD 1.67 trillion for the year 2016. The total Wealth of Australia is AUD 8.9 trillion for the year ended June 2016. 

The Economy of Australia - ECCON 101 - Economics

   

University of Illinois at Urbana-Champaign

   

Principles of Microeconomics (ECON 101)

   Added on 2020-03-04

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Running head: ECONOMICSEconomicsName of the StudentName of the UniversityAuthors NoteCourse ID
The Economy of Australia - ECCON 101 - Economics_1
1ECONOMICSTable of ContentsIntroduction:...............................................................................................................................2Production Output Performance Analysis:.................................................................................2Real GDP:..................................................................................................................................2Real GDP Growth Rate:.............................................................................................................3Real GDP per capita Analysis:...................................................................................................4Performance trend of the economy:...........................................................................................5Government measures to achieve production output performance:...........................................6Labour Market Analysis:............................................................................................................6Unemployment trend based on unemployment rates:................................................................6Definition of unemployment and types of unemployment in an economy:...............................7Types of unemployment:............................................................................................................7Types of unemployment in Australia:........................................................................................7Government measures adopted to achieve full employment:....................................................8Price level analysis:....................................................................................................................8Definition and typical causes of inflation:.................................................................................9Causes of inflation in Australia:...............................................................................................10Government measure to achieve stable price:..........................................................................10Conclusion:..............................................................................................................................10Reference List:.........................................................................................................................12
The Economy of Australia - ECCON 101 - Economics_2
2ECONOMICSIntroduction:The economy of Australia is considered as one of the developed and largest mixedeconomies in the world having a GDP of AUD $1.67 trillion for the year 2016. The totalwealth of Australia is AUD $8.9 trillion for the year ended June 2016 (Taussig, 2013). In theyear 2016, Australia was regarded as the 12th largest economy in terms of the nominal GDPand regarded as the 19th largest measured by the PPP adjusted GDP standing approximatelyaround 1.0% of the world economy. Australia is considered as the 25th largest exporter and20th largest importer. The economy of Australia is dominated by the service sector consisting of 73% ofGDP. The mining sector on the other hand comprises of 7% of the GDP along with servicesto mining and attaining a height of mining boom in the year 2009-10. The total amount ofvalue added of the mining industry stood 8.4% of the GDP (Frank et al., 2015). The economyof Australia is mainly reliant on the mining and agriculture sector, which is relative to theother developed countries as the products are exported to the eastern Asian market. In spite ofthe recent decline, the economy of Australia has been resilient and stable since July 1991. Production Output Performance Analysis: Real GDP:Real GDP is understood as the macroeconomic measure of the value of economicoutput adjusted for the changing prices. The adjustment transforms the monetary valuemeasurement and the nominal GDP into the index for the quantity of total output (Sloman etal., 2013). The real GDP of Australia stood 1204.62 billion US dollars in 2016. The GDPvalue of Australia stood 1.94 percent of the world economy. The GDP of Australia averaged
The Economy of Australia - ECCON 101 - Economics_3
3ECONOMICS4.1.44 USD Billion from 1960 until 2016 and reached an all time high of 1567.18 USDbillion in the year 2013. Figure 1: Real GDP of Australia(Source: Tradingeconomics.com 2017)Real GDP Growth Rate: The Real GDP Growth Rate measures the economic growth concerning the grossdomestic product (GDP) from one period of to another period adjusted for inflation(Bernanke et al., 2015). The Real GDP Growth Rate is expressed in the real opposed to thenominal terms. The economy of Australia rose by 0.3 percent in the month of March quarter 2017 incomparison to the 1.1 percent growth in the quarter of December 2016. Positive assistancewas made from final domestic demand and alterations that were made in the inventory wereunable to counterbalance the feeble net trade and dropped in dwelling investment (Georgelliset al., 2015). At present Australia has recorded 103 quarters with only two succesive quarters
The Economy of Australia - ECCON 101 - Economics_4

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