Comparative Economic Analysis: Circular Economy, Trade, and Inflation

This report provides an analysis of the circular economy, international trade, and inflation, examining various aspects such as production, consumption, and waste management within the context of the golf industry. It explores the principles of the circular economy, emphasizing reuse, recycling, and minimizing waste, and contrasts this with the linear 'take, make, dispose' model. The report then delves into the significance of global trade, particularly for developing countries like Papua New Guinea, and discusses the role of technology and data analysis in the mining industry to improve efficiency and productivity. Finally, it offers a comparative economic analysis of Australia and the Maldives, focusing on inflation, unemployment, and the impact of various economic factors, including the tourism sector, business cycles, and strategies for economic development, offering insights into how these countries can manage inflation, promote business growth and improve their economic conditions.

The Circular Economy
Section 1
1 (i)
The Circular Economy is a type of production and consumption that shares, recover, reuses,
repairs, recycles, and refurbished existing products as well as materials for as much as possible.
Thus, the product life cycle is put forth. In practice, this means minimizing waste and reusing
them by recycling the products. The economy of ethics explains the concept of ethical necessities
for business and entrepreneurship, along with the concept of the ethical foundations of economic
systems. It evaluates the effect of rules, commodities, or values on an economic activity together
with management.
(ii)
The golf club has been operating its operations based on a linear economy for many years. The
belief of "take, make, and dispose of" is ubiquitous in the golf equipment industry. According to
Petoskey et al. 2021, the economy of circular, on the other hand, works toward building a
production system with a closed loop of resources so that producers can reuse and recycle, and
also recover their critical resources. The Circular Economy is based primarily on three
principles: neglecting waste and pollution, using resources and materials longer period of time,
and naturally repairing systems.
Golfing
● Over 300 million golf balls are lost or get wasted each year in by the golf club. When
applying a circular economy strategy, lost balls are of great value to the economy if
applied in an accurate way. There are several industries of manufacturers of golf balls
that have been operating for many years, taking benefit of the limitations of the standard
golfer. Escaping recycler of Golf Ball is one such company that assists in the collection,
processing, and also shipping of more than 12 million recycled golf balls yearly in
Australia and around the world.
● Executing a circular economy strategy with golf is not that easy task. Like golf balls,
there are many second-hand equipment submarkets, and some manufacturers have
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repurchase programs, but even if you recycle golf clubs or recycle inputs used in other
products. As stated by Atstaja et al. 2022, the life of the club cannot be resolved, little or
no information has been recovered. Large club golf makers need to control a significant
lack of clarity if their golf club desires to be a section of Upcoming NetZero emissions.
Wedding and Functions
● The primary circular strategies of golf clubs include total putts that are considered to be
successful as it reflects maintaining capability and other parts of the game. Entertainer
golfers usually give away many shots with three-putts. A supplementary benefit is that
the slowing golf ball around the cup loses momentum, making it more likely to flop
sideways. Having a distance method is an essential factor in becoming a successful
golfer. The recovery, as well as the Repurpose principle, allows the lost energy to be
recovered and virtually burned.
● Several manufacturers have moral supply chain and practice policies, but clubs are not
the same in that they tell how much-unused material goes into the manufacture of all golf
clubs. If these producers are unable to produce the world's first fully refurbished golf
club, they will face significant hindrances in approaching the targets of NetZero's
emission (Sorrentini, 2022). Leadership must come from the pinnacle of food
manufacturing in golf club chains, so golf is truly in charge of its waste and how to
reduce it. The complete and full commitment to the circular economy of the whole Golf
community relies heavily on its ability to block the passage of the dollar.
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Section 2
1.
The first thoughtful and systematic information mostly dedicated to world trade was called
"mercantilism" and was developed in Europe in the centuries of 17th and 18th. During this
period, a wave of economic spending began, especially in Australia, especially in trade-related
pamphlets. Global trade in services and commodities is important for poverty reduction and
development in sustainability. The worldwide market contributes to poverty reduction, food
security and job creation, and environmental sustainability by encouraging the growth of the
economy through trade growth.
The country of Papua New Guinea is exporting minerals mostly that are very low in
complexity.
● In the industry of mining, the utilization of remote and devices of assisted control has
become commonplace, and the utilization of fully autonomous equipment in
transportation, drilling, and other procedures has become commonplace to improve
productivity as well as export.
● From machine learning to improved statistical techniques for data integration, advances
in evaluation have helped change huge datasets into insights into future incident
potential. As influenced by Xu and Hsu 2022, complex mining operations such as daily
planning, geological modelling, and predictive maintenance need to be progressively
involved in the area of intelligent statistics and boost algorithms.
● The mining supply chain is a collaborated system for many fixed and mobile devices.
According to Sophiana and Rahmini (2020), methods and indicators such as OEE give a
solid foundation for operational improvement, but they do not capture the complexity of
the system. Real-time data and a superior evaluation engine enable decision ordering and
processing, improving device utilization and yield.
● Mining companies tend to contain huge amounts of data as well as information from
processing plants, drills, and trains. Provide this special information to control the
likelihood of failure of a specific component instead of the traditional time-based
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approach, minimize maintenance costs, avoid unplanned outages, and increase
productivity. Supports export.
In addition, these mining proposals are economically important for production areas and
countries such as Papua New Guinea, as they help provide employment, dividends, and taxes to
fund hospitals, schools, and public facilities. The country's mining industry makes a skilled
workforce and small businesses that can obey the community and make relevant businesses.
● For Papua New Guinea country, the primary target markets for mineral exports are
Australia, Japan, and South Korea. The economies of these countries are much higher in
GDP and also add value to the countries of Papua New Guinea.
● Free trade policies work very well for developing countries like Papua New Guinea.
Overall, policies of protected trade protect the domestic economy from exterior product
competition that can threaten the commodities of the domestic market. This kind of
policy is good for developing mining projects (Nkuebe, 2020). Trade is the main part of
eradicating world poverty. Countries must be open to world trade to increase their
economies faster, more innovative, more productive, and give people with higher
incomes and diverse opportunities. The benefits of open trade also lie in low-income
households, as consumers are offered cheaper services and commodities.
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Section 3
1.
Due to the less population in Australia, the chance of unemployment as inflation is fair. The
inflation rate in the year 2012 had been decreasing yearly by 2%. Therefore, the inflation rate for
unemployment had been decreasing steadily day by day. However, due to the sudden outbreak of
the pandemic inflation had bounced back. It had become double within a short time becoming
2% to 4%.The country had balanced its employment rate by working hard during the pandemic.
As per the trade report, the country has applied different developmental measures to reduce the
inflation rate. The result had also been positive; it has become successful in overcoming the
inflation rate of the country. The country had increased its trade from 7 million to 12 million just
in one year. the development of trade in the country has produced a great number of jobs for the
Australian people and decreased unemployment.
On the contrary, the Case of Maldives was completely different from Australia. The country is
fully dependent on travel and seafood. Due to this, the country had not become successful in
managing its inflation rate from 2012 to 2022. The inflation rate from the mentioned years has
developed from 5.1 % to 6.4%. The country is not at all stable in its trade which could have
helped it to manage its inflation rate. Therefore, the inflation rate in the country had increased
from 169.4% to259.5% every year.
Comparing both of the countries, it could be identified that Australia falls in the positive graph
whereas the Maldives is on the negative side in the discretion of the business cycle. The
Maldives had no intention of developing the condition of the country by reducing the inflation
rate. On the other hand, Australia has positive about development the trade and condition of the
country.
2 (i)
The Maldives is a beautiful place to organize business meetings during the peak season. It is also
a great destination in the world. The country could invest more money to develop its GDP
growth. Organizing meetings and other grand programs in front of the sea would attract more
people. Attracting massive people in the place would develop the revenues of the country that
would be helping in the nation-building. Thus, by emphasizing in hospitality industry, the
country could develop easily.
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(ii)
In order to develop the hospitality industry in the place, the managers of the hotels of the
particular place need to recruit new staffs. The positive effort of the of the hotels and inns would
be bringing positive result in the growth of the industry. However, in recruiting the employees of
the hotels, the managers would face certain difficulties. One of the problems would be the
unskilled employees. Being an underdeveloped country, it faces finding skilled employees for
the hotels. The unskilled employees would be proven ineffective for the growth of the industry.
On the other hand, the country can even not able to recruit skilled employees from the developed
countries due to its economic condition. If the managers have become successful in recruiting
skilled staff from other countries, they have to be well treated and given good security. As an
underdeveloped country, Maldives is not capable of providing the following thing to the staff.
Thus, it is difficult for the country to develop its business.
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Section 4
1.
In order to make the condition of the country, the central bank of the country has to increase the
interest in the country. The Interest could be increased up to 4% and the people could ask to
work hard to contribute to the nation-building. The country should not provide financial help to
the people of the country due to employment but rather has to utilize the money to develop the
skills of the people. The new business is the only solution to improve the condition of the
country. Therefore, the government has to provide loans to the new business organizations in low
interest. In doing so, the country’s business would be growing and with the development of
business the economic condition of the country would also be growing.
Thus, by developing the trade in the international markets, the country could make more profits
from the international business. The success in the international business would be helping a bit
to get loans from the international banks in order to grow its business. Thus, the development of
revenues would be bettering the wages of its employees. The country would also be able to
reduce the unemployment rate. Another important thing in developing the business of the
country is construction in the short run. It helps the country to build an effective business model
that could easily lead the country in developing the condition of the country.
One of the very negative impacts of the business cycle is ups and downs in the business. Due to
the negative impact on the business, the business has to face losses in the global markets. The
country would not be able to minimize its inflation rate without the development at the business
level at the national as well as international levels. The development in the inflation rate is
considered normal for the countries and it turns out to be good for the developing nation. The
inflation rate has increased from 2% to 3%and suddenly, to 0.5% is not good for the nation.
a)The development of business depends on the expenditure of the customers. If the consumers
are spending more money on the products and services in the company, the country would be
generating more revenues. Thus, consumers’ investment would be changing the shape of the
business.
b) The unemployment rate is closely associated with the business. Increment in the business, the
jobs would also be increasing and the unemployment rate of the country would also be
increasing. On the contrary, the failure in the business, the jobs would be decreased and the
unemployment rate of the country would increase rapidly.
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c) The inflation rate is calculated based on the consumer price index that is associated with goods
and services whereas the inflation rate is calculated with the help of percentages.
d) The values of the currency of the country also depend on the inflation rate. Moreover, when a
country completely depends on exchange exports, trade balances are difficult to determine since
the rate of heavy materials is sometimes lower than that of light materials. It could be high or
low in that scenario, but most of the time the country seeks to maintain a balanced trade balance.
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Reference List
Atstaja, D., Koval, V., Grasis, J., Kalina, I., Kryshtal, H. and Mikhno, I., 2022. Sharing Model in
Circular Economy towards Rational Use in Sustainable Production. Energies, 15(3), p.939.
Nkuebe, M., 2020. Amid lucrative exports of natural resources, Basotho overwhelmingly feel
left out.
Petoskey, J., Stults, M., Naples, E., Hardy, G., Quilici, A., Byerly, C., Clark, A., Newton, D.,
Santiago, E. and Teener, J., 2021.Envisioning a Circular Economy: The Journey of One Mid-
Sized Midwestern City. Sustainability, 13(6), p.3157.
Sophiana, Y. and Rahmini, N., 2020. Investment, Absorbed Labor, Infrastructure and Exports on
the GDP of Kotabaru District from Special Economic Zone.
Sorrentini, F., 2022.THE ENVIRONMENTAL IMPACT OF SPORTS ACTIVITIES. GOOD
PRACTICES FOR SUSTAINABILITY: THE CASE OF GOLF. Documentigeografici, (2),
pp.219-237.
Xu, J.L. and Hsu, Y.L., 2022. Analysis of agricultural exports based on deep learning and text
mining. The Journal of Supercomputing, pp.1-17.
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