MAE203 Economics Report: Analyzing GDP, Productivity & Job Vacancies

This economics report provides a detailed analysis of key economic indicators including Real GDP, total factor productivity, GDP per capita, government debt, imports, government final consumption expenditure, and job vacancies, focusing primarily on Australia and making comparisons with other countries like China, France, Germany, Japan, Spain, the United Kingdom, and the United States. It examines the relationship between total factor productivity and Real GDP, highlighting the positive correlation across various economies. The report also explores the impact of government expenditure on GDP in both the short and long run, using aggregate demand and supply curves to illustrate the effects on real GDP and prices. Furthermore, it investigates the inverse relationship between unemployment rates and job vacancies in Australia. The report concludes with a discussion of potential career paths for economics graduates, focusing on the role of a data scientist within the Department of Premier & Cabinet and emphasizing the importance of analytical and communication skills. Desklib offers this and many other solved assignments to help students.

Running head: ECONOMICS
Economics
Name of the student
Name of the university
Author note

1ECONOMICS
Table of Contents
Part A.........................................................................................................................................2
1. Time series 1..........................................................................................................................2
Real GDP and Total factor productivity................................................................................2
2. Time Series 2..........................................................................................................................8
GDP per capita.......................................................................................................................8
Total central government debt.............................................................................................9
Imports: Value Goods..........................................................................................................11
Government Final Consumption Expenditure.....................................................................12
Relationship between GDP and government final consumption expenditure.....................14
3. Time series 3........................................................................................................................15
Total Unfilled Job Vacancies for Australia vs Unemployment rate....................................15
Part B........................................................................................................................................16
Part C........................................................................................................................................18
References................................................................................................................................20
Appendix..................................................................................................................................22

2ECONOMICS
Part A
1. Time series 1
Real GDP and Total factor productivity
The economic growth of a country is dependent on the total factor productivity and
cane be represented by the following equation:
Y = AF (L, K, N), where A= total factor productivity, L= Labour input quantity, k=
size of the capital and N= natural resource quantity
This shows that there is clear positive relationship between total factor productivity
and the Real GDP. However, the impact will vary based on the country and the economic
model used by each of the country.
Australia
Graph 1
(Source: Fred.stlouisfed.org 2019)
In case of Australia, it can be seen that the increase in the total factor productivity is
contributing to growth of the economy and increase in the real GDP of the country. In the

3ECONOMICS
graph, it can be seen that the total factor productivity has become constant since the year of
2016 but there is increase in the real GDP. This is due to the fact that Real GDP is dependent
on other factors such as labour input quantity, size of capital and natural resource quantity.
China
Graph 2
(Source: Fred.stlouisfed.org 2019)
In case of China it can be seen that there is perfectly positive correlation between total
factor productivity and Real GDP. China has experienced tremendous growth in the economy
and total factor productivity is indicating the same thing. Since the year of 2000, there has
been steady increase in factor productivity which is reflected in the exponential growth in the
economy and GDP.

4ECONOMICS
France
Graph 3
(Source: Fred.stlouisfed.org 2019)
In case of France, the two graphs are following similar patterns where decreasing total
factor productivity in the year of 1975 has affected and decrease the real GDP in the same
year. This is visible in various occasions throughout the graph which indicates that there is
positive relationship between the graph and the
Germany

5ECONOMICS
Graph 4
(Source: Fred.stlouisfed.org 2019)
The case is similar for Germany where total factor productivity and gross domestic
product have similar patterns. The total factor productivity decreased in the year of 2009 and
the value of real GDP also decreased in the year of 2009. This shows the positive relationship
between total factor productivity and Real GDP. The graph clearly shows that real GDP is the
dependent variable and the change in total factor productivity is the independent variable
where both positive and negative changes are reflected on real GDP.
Japan
Graph 5
(Source: Fred.stlouisfed.org 2019)
In case of Japan, same thing has been noticed where the changes in total factor
productivity has affected the change in real GDP.

6ECONOMICS
Spain
Graph 6
(Source: Fred.stlouisfed.org 2019)
The graph is similar for Spain where the decrease in the total factor productivity have
decreased the real GDP.
United Kingdom
Graph 7
(Source: Fred.stlouisfed.org 2019)

7ECONOMICS
In case of United Kingdom, the two graphs are almost similar which shows the
similarity and dependence between the two factors.
United States of America
Graph 8
(Source: Fred.stlouisfed.org 2019)
In case of United States, the two graphs are also similar which shows the similarity
and dependence between the two factors.

8ECONOMICS
2. Time Series 2
GDP per capita
Year Australia Japan France Germany
2000 21669.41091309400 42169.7332837728
0
39078.198702169
0
37998.425311999
1
2001 19482.56790266470 42239.1849263722
0
39120.196140861
2
38577.725629329
7
2002 20074.22931294810 42190.8048728002
0
39915.264541789
7
38512.920041102
4
2003 23437.31214543270 42744.0112849900
0
40252.418218622
5
38218.349645593
4
2004 30401.55478629440 43671.6799739019
0
40922.083226057
5
38673.888113205
2
2005 33961.68180192170 44393.6263842136
0
41630.093737010
0
38969.321698063
2
2006 36019.20305118800 44995.4944919199
0
41478.937405842
7
40456.857380276
9
2007 40905.47089368450 45687.2738147656
0
40052.305120403
9
41831.867088309
8
2008 49535.25787377690 45165.7879187658
0
40638.334004260
0
42365.097495581
2
2009 42709.80330347870 42724.7603699506
0
41283.148100690
3
40086.104759441
7
2010 51936.88871164610 44507.6763859172 41158.884984380 41785.556912554

9ECONOMICS
0 7 0
2011 62411.78544739610 44538.7261906961
0
41183.510959426
0
44125.331411650
3
2012 67864.68986246720 45276.8743354208
0
41374.761249044
2
44259.259905398
3
2013 67990.29003047980 46249.2095886497
0
41642.310426091
5
44354.736886526
7
2014 62327.55593903330 46484.1552668943
0
39078.198702169
0
45022.565348642
3
2015 56561.41238180540 47163.4942109343
0
39120.196140861
2
45412.556808231
3
Table 1
(Source: Fred.stlouisfed.org 2019)
Total central government debt
Year Australia Japan France Germany
2000 29.6038943254159 100.4608833011210 58.035565807111
4
Not available
2001 27.8248383151287 104.4413342128660 57.578227522596
0
Not available
2002 25.9966602249772 113.6022048651690 60.929811279095
8
Not available
2003 25.1927237118862 124.0324857921230 63.410217669310
2
Not available
2004 22.9942514371407 129.8741720659380 64.387699034347 Not available

10ECONOMICS
3
2005 22.5321049935312 130.4626804504510 65.386308407892
2
Not available
2006 21.6627381821578 130.8289729135510 60.805917334091
6
Not available
2007 20.3475111621028 134.2181752387960 59.355646127041
1
Not available
2008 18.4224873419821 140.4134348167340 64.901270135531
2
Not available
2009 24.0959642438779 158.8746294696030 73.842828608516
6
Not available
2010 29.3053771171730 162.2964066034060 76.484640084143
9
Not available
2011 30.6388190230792 177.9609428815330 79.706198853582
1
Not available
2012 39.9786210582576 186.0254179553300 88.999961186988
2
Not available
2013 38.0994105152808 188.8814759698200 89.792299371801
8
Not available
2014 42.2803701772680 194.4280526819700 97.665636528809
5
Not available
2015 47.0405895137794 197.0374397211350 Not available Not available
Table 2
(Source: Fred.stlouisfed.org 2019)

11ECONOMICS
Data for Germany only available from 1990 to 1998
1990-01-01 21.0100829162179
1991-01-01 22.0359098082079
1992-01-01 24.1833109888399
1993-01-01 26.3960592533607
1994-01-01 28.0509505326032
1995-01-01 35.1974848331648
1996-01-01 36.4464540546626
1997-01-01 37.0312259805221
1998-01-01 37.0345432564334
Table 3
(Source: Fred.stlouisfed.org 2019)
Imports: Value Goods
Year Australia Japan France Germany
200
0
17.044323195794
20
379978562482.2060
00
338846280239.0150
00
25.34163994972
01
200
1
16.163159703097
20
349063604269.4810
00
329067896994.0550
00
24.86532651983
45
200
2
16.347893452510
90
337670852451.9140
00
330168706911.5950
00
23.42073210855
29