Business Economics Economy of Australia

Question: Describe about the Business Economics for Economy of Australia . Answer: Introduction The main aim of the essay is to analyze the economy of Australia and its recent economic performance. It provides an overview of the current economic outlook of the economy. The essay critically reviews the governments policy approach to meeting the key domestic challenges that are identified in the economy. Economy of Australia is one of the largest mixed market economies in the world where the major contribution to the gross domestic product or the economic growth is from the service sector mainly the mining sector. Its important trading partner is China and mainly the economy indulges in exporting coal. The agricultural sector also contributes to the growth of the economy. Since it is a mixed economy both the private sector and the public sector play an important role in the economy. Government plays an important role in solving the domestic challenges that an economy faces through policy approaches. Overview of the economic performance of Australia Australian is an economy that has experienced continuous growth in the past years. The unemployment rate continues to fall. The price level is stable, borrowings of the government are low and the financial system is stable. By 2012 the economy faced continued growth at an average of 3.5 % per year. The service sector plays an important role in the economy and accounts for seventy percent of the total gross domestic product where the mining sector accounts for ten percent of the GDP (Cia.gov. 2016). The service sector in Australia gives employment to seventy five percent of its population. The economy was unaffected during the time of global financial crisis due to stability in the banking system and financial market. It is the worlds nineteenth largest exporter and importer. The main trading partner of Australia is china and its exports mostly comprises of coals, and other auto locomotive bodies. The economy of Australia is also rich in its natural resources such as gold, copper, iro n, uranium and other natural gases due to which it attracts high level of foreign investment. Australia is also an important member of World Trade Organization (WTO), APEC and G20. The economic performance of the country can be measured by taking into account its GDOP rate, inflation rate, unemployment rate, interest rate and economic growth. Australias economic performance can be measured by looking into its GDP growth rate and other economic attributes. The economy of Australia is expanding from investment in mining boom to other economic activities as well. According to the information given by the reserve bank of Australia and other statistics the economy of Australia is recently growing at a rate of 2.3 %. The forecast shows that the economy is expected to grow further in the year 2016 at 2.6 % and 2.8 % in 2018. Agricultural sector also plays an important role in the economy (McLean 2013). Table: Economic performance of Australia Year 2011 2012 2013 2014 2015 Population (million) 22.5 22.9 23.3 23.6 23.9 GDP per capita (USD) 66806 68021 64617 61178 51358 GDP (USD bn) 1504 1559 1506 1443 1226 Economic growth (GDP annual variation %) 2.7 3.5 2.0 2.6 2.5 Unemployment rate (%) 5.1 5.2 5.7 6.1 6.1 Inflation rate (%) 3.3 1.8 2.5 2.5 1.5 Policy interest rate (%) 4.25 3.00 2.50 2.50 2.00 Exports (%) 0.1 5.8 5.9 6.7 6.1 Imports (%) 11.1 6.2 -1.8 -1.6 1.0 (Source: Tradingeconomics.com. 2016). The above table shows that the economic growth of the country is increasing and so is its population. It is worth notifying that the exports of the country have grown to large extent while its import has fallen showing a positive trade balance. Its exports mostly comprises of natural resources. The price level in the country is falling indicating positivity. The economy is stable. The imports of the country are falling that indicates that the country is being self sufficient and the producers are indulging in major production to provide goods to the domestic market. The revenue of the government increases due to positive trade balance as the government earns large amount of foreign reserves from exports. The interest rate is decreasing that means the government wants to increase the investment and the money supply in the economy. The economy is expected to expand further marking a new level of growth. The total wealth of Australia as of 2014 accounts for 6.4 trillion dollars. It is t he major exporter of natural resources such as iron ore, and agricultural products. The rate of poverty is low in economy due to equality of income and opportunities. The four main components of the free market of the economy are financing, trading, manufacturing and services. The main measure to evaluate the economic performance of the country is through measuring the GDP growth rate. GDP growth is the percentage change in the growth of the country from the previous after being adjusted for the rate of inflation (Bell et al. 2014). Table: GDP growth rate of Australia Year GDP growth rate in percentage. 2011 2.4 % 2012 3.6 % 2013 2.4 % 2014 2.5 % 2015 2.6 % 2016 3.0 % (Source: World Bank Group. 2016). The economic performance of the country is increasing with the country facing economic growth in percentage. Challenges in Australian economy Though the growth condition of Australia is good the economy faces few challenges as well that the government policies can solve. The major challenge or issue that it has recently face was a fall in the GDP productivity that is the labor hours that workers give. This means that the workers are working for fewer hours. It has weak productivity which fell by 0.3 % over the year. The unemployment rate is also raising specially the youth unemployment in many cities of Australia. The wage rate in Australia is falling that is hampering the productivity. The standard of living of people is also falling due to the decline in the wage rate. The major challenge is then fall in the standard of living of people. The earnings of people are falling and the taxes are rising in the economy that is hampering the income of the people and its standard of living. The jobs that are being created are not productive in nature (Walras 2013). Government policies to solve the issues in Australia Since Australia is a mixed economy government policies can solve economic problem that Australia faces. The main problem is of unemployment and fall in productivity. Government can create more jobs that are productive in nature. It should expand the job opportunities specially the youth of Australia. Another way of increasing standard of living in Australia is declining the tax rate is that people have more of disposable income to spend on satisfying the personal needs. The government should concentrate on improving the service that it provides to its public by developing infrastructure and other public facilities such as government hospitals and roads. The government should formulate the fiscal policies that aim at improving the economic performance of the country (Baumol and Blinder 2015). The policies framed should be fair in nature. The government can increase the labor productivity by increasing the wage rate and they get and ensuring whether the work conditions that firms provi de is good or not. The workers should also be given other benefits and schemes such as food rationing and other employee benefits. The tax charged should be reduced. Expansion of government spending will help in start up new industries that will create new job opportunities for youth that will help solving the problem of unemployment in the economy. Tax credit is an appropriate policy that the government can use to improve unemployment rate. A policy of minimum wage will help the labors get higher wages for its work that will help the labors increase its productivity. The other challenge that the economy is facing is rising population. Government can take appropriate steps to reduce population so that productivity automatically increases in the economy. Increase private and government spending will encourage investment that will improve infrastructure. The quality of training and knowledge should be increased so that the workers stay motivated to work better. Various demand and supp ly factors can also help in improving the performance of the country. Proper training will also help the economy to fill the skill gap. This help to raise the employment in the economy. Establishment of new public sectors will increase the money supply in the economy and also create new job opportunities for the youth of Australia. But the government should create such jobs that help in increasing productivity (Carraro and Siniscalco 2013). Conclusion The Australian economy is a developing one where the growth of the economy is continually increasing. The growth condition of the economy is good and is expected to grow in future. The forecast says that the economic performance of the country is likely to increase in 2017 and 2018. The only problem with the economy is that youth unemployment in the economy is rising in the country and the standard of living is falling due to fall in productivity. Government policies can help in improving the economic performance further by applying right fiscal policies and reducing taxes. References Baumol, W. and Blinder, A., 2015.Microeconomics: Principles and policy. Cengage Learning. Bell, L.W., Moore, A.D. and Kirkegaard, J.A., 2014. Evolution in croplivestock integration systems that improve farm productivity and environmental performance in Australia.European Journal of Agronomy,57, pp.10-20. Carraro, C. and Siniscalco, D. eds., 2013.Environmental fiscal reform and unemployment(Vol. 7). Springer Science Business Media. Cia.gov. (2016).The World Factbook. [online] Available at: https://www.cia.gov/library/publications/the-world-factbook/geos/as.html [Accessed 28 May 2016]. McLean, I.W., 2013.Why Australia prospered: the shifting sources of economic growth. Princeton University Press. Tradingeconomics.com. (2016).Australia GDP Growth Rate | 1959-2016 | Data | Chart | Calendar | Forecast. [online] Available at: https://www.tradingeconomics.com/australia/gdp-growth [Accessed 28 May 2016]. Walras, L., 2013.Elements of pure economics. Routledge. World Bank Group. (2016).World Bank Group. [online] Available at: https://www.worldbank.org/ [Accessed 28 May 2016].

Production Management †Engineers Point of View Case Study

Introduction Every company must have a mission statement. A mission statement shows direction of the company. Moreover, it ensures that objectives of the company align with its mission. This paper will explore Toyota’s mission statement. It will also investigate if its strategies are aligned with the mission statement.Advertising We will write a custom case study sample on Production Management – Engineer’s Point of View: Case Study specifically for you for only $16.05 $11/page Learn More Mission statement A Mission statement provides direction for a company. This is essential in defining its objectives as well as strategies. Toyota is an automobile manufacturing company. Its mission statement is to move people in a better way. Precisely, it has a global mission. Its mission states â€Å"Toyota will lead the way to the future of mobility, enriching lives around the world with the safest and most responsible ways of moving people.â⠂¬  Current strategies The company has established numerous strategies to pursue its Global mission, these include: Commitment to quality Respect for planet Constant innovation The company has utilized these strategies with a view to reaching its mission statement. Discussion Toyota has presence all over the world. In fact, the company has continued to provide affordable quality automobiles to its range of customers. Moreover, it has implemented flexible structures that enable it to reach out to different groups of customers. For instance, the company has introduced Toyota certified used automobiles for its low-income customers. The first strategy employed by Toyota is to commit to quality. Toyota has an operation segment that designs and supplies quality automobile to its customers. Toyota conducts quality assessment on its products to ensure compliance with the latest regulation on safety and quality. Moreover, the company has employed mechanisms to communicate with their custo mers and dealers with a view to ensuring quality of automobiles. Recent recall of specific brands of Toyota automobiles is an evidence of commitment to quality, even after sales.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This strategy has ensured that Toyota command the world’s market in volume of sales. This strategy therefore goes a long way in strengthening its mission statement of moving people in a better way.  The second strategy is to commit to constant innovation. The world is ever changing with various technological advances aimed at making life easy, being explored. Toyota has committed its finances in research and development to improving and innovating new technologies for better automobiles. In essence, the company spends on research and development for innovation with a view to improving ways of moving people. This strategy aligns with the company’s mission since it aims to give people better technology that moves them in a better way. The third strategy is to commit to respect for planet. The planet is faced with increasing challenges with regard to its conservation. Issues such as global warming, among others, have put pressure in companies to reduce greenhouse gas emissions. Toyota is committed to this initiative. In fact, the company has proved this by manufacturing environment friendly automobiles. Moreover, it has made steps to contribute to environmental conservation efforts through participation and contribution. This shows that the company values its community and aims to move them in a better way as confirmed in the mission statement. Conclusion Toyota has a mission aimed at bettering the movement of its customers. This has enabled them to establish mission friendly strategies namely, commitment to innovation, quality and the planet. Toyota is therefore committed to its mission statement through the strategies employe d above. This case study on Production Management – Engineer’s Point of View: Case Study was written and submitted by user Alberto Sloan to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

International Students - Can I Get Money From School?

International Students - Can I Get Money From School?My girlfriend does not want to pay me any money because i am an international students i can not get money from school samp because the school is going bankrupt. She wants me to get a loan from her parents, but i do not have that kind of money. I have applied for a personal loan before, but it does not get approved because the fee is higher than what i had been paying previously.However, I need to make the full amount of my tuition fee as soon as possible, so, I decided to look for ways to get some money. I called my friends, and asked if they knew of any loan company that offered loans to international students.Yes, I know some, but I have never applied for one before. However, this can be easily done by a simple internet search. After some searching, I found a company which claims to offer loans to foreign students. It was a bit difficult, because i have not heard about it before.They are a loan company that caters to all kinds o f students, no matter what their nationality is. This company is offering loans for international students, which are not for people who do not meet their financial requirements. They help international students go to the school of their choice and gets them a full education at the same time.The loan offered to international students is based on the amount of tuition fees, and not on the stipend they receive. This means that the fees paid by the student will be deducted from the loan amount. This is quite attractive, because international students get a lot of benefits when they apply for these loans.Another thing that these loans are ideal for international students is that they do not need to fulfill any studies. Students can study in their own time, whenever they want, and finish their studies at the same time.They can even work while studying, and return to their home country after the completion of their studies. What more, these loans are flexible, so, no matter what your fina ncial situation is like, you can still qualify for one. I know for sure that this will allow me to continue my studies, and gain a lot from it.

The 2001 MTV VMAs-An Overview essays

The 2001 MTV VMAs-An Overview essays 2001 has been a great year for the music and entertainment channel, MTV. New seasons of The Real Word and Road Rules, various concerts and specials, and the Movie Awards have all been big highlights of this year so far. The channel also celebrated its 20th Anniversary this past August. However, arguably, the biggest event of them all is the Video Music Awards. Known for its tendency to push the envelope when it comes to what can and cant be shown on cable television, the VMAs are more about the show than the awards. This year was no exception. Live from the Metropolitan Opera House, the show opened with host Jamie Foxx performing a very fitting opera rendition of several of this past years most popular songs. Then, he quickly shifted gears into a monologue, insulting several celebrities that were present at the awards, contrary to earlier reports that he wouldnt do so. Thankfully, Will Ferrell of Saturday Night Live fame ran onto the stage in the middle of Foxxs act, climbing up a prop on stage while shouting, Im raging! This was a homage to a similar act performed by the bassist of the band Rage Against the Machine from last years VMAs, and forced MTV to cut to a commercial break. Thus began a constant stream of performances and awards. An interesting theme to the VMAs this year was the jungle. Before the nominees for each award were named, small nature documentary clips were shown, however, in true MTV fashion, most of them were rather provocative. Britney Spears lip-synching performance also featured a zoo-full of caged animals behind her, not to mention a snake around her neck. Another moment of the VMAs that cannot be overlooked is the tribute to Aaliyah. Several artists including Janet Jackson and Missy Elliot said a few words. Aaliyahs brother also made a rather moving speech. The moment wouldve been perfect, had Janet Jackson not read t ...

Gratitude as a Ritual Expressing Thanks on Thanksgiving

Gratitude as a Ritual Expressing Thanks on Thanksgiving What do you think of when you think of â€Å"rituals†? For me, the word conjures up Shabbat dinners, Passover seders, and lighting the Hannukah menorah. Growing up in a Jewish household, we observed these rituals at the proper time on the calendar, and I always found they were an opportunity to take a step back from the other routines of life and reflect on the theme of the holiday. With Thanksgiving coming, many of us are preparing for a popular ritual: A big dinner, likely comprised of turkey (or Tofurkey), cranberry sauce and pumpkin pie, amongst other goodies. In the air is a general sense that the theme is gratitude. But do you actually take time to express your gratitude on Thanksgiving, or do you just stuff yourself silly? And do you find yourself uplifted during this season, or like so many, do sadness and anxiety creep in? Expressing Thanks on Thanksgiving In my family, we usually go around the Thanksgiving table at some point and each say something we’re grateful for. I like this ritual. Expressing gratitude is scientifically proven through positive psychology research to increase happiness. It gives us a sense of our own goodness (it’s sure more self-affirming than complaining!) as well as a recognition of the good things around us. I have noticed that there’s often a level of discomfort in expressing gratitude publicly, even amongst family. But everyone still does it and I always feel more connected with the family after we express our gratitude. People often give thanks for food and health, for something that has happened in the past, or for being safe given specific world events. This year, the sense of gratitude will be very real given that I will be with my sister’s in-laws who have family in Puerto Rico. It occurs to me that there is also a deeper level we can reach: a direct personal expression. I’m inspired this year to bring a deeper aspect of gratitude to our Thanksgiving ritual. A New Gratitude Ritual? There’s a video series on the Science of Happiness that came out in 2013 and that for some reason I just saw for the first time last week. The experiment in the video was based, I believe, on research by Martis E.P. Seligman, who found that people who wrote and delivered letters of gratitude exhibited a huge increase in happiness compared to a control group. In the video, individuals were asked to write a letter to a person who influenced them and then to read it to that person. Before and after the exercise, their happiness was tested. Overall, there was a strong trend toward more happiness after the individuals read their letters to their recipients. This has me thinking, what if we take time this Thanksgiving to appreciate someone in the room who has made a difference in our lives, in addition to the standard things we’re grateful for? To me, that will make for an even more memorable Thanksgiving and will likely start out my holiday season- and the holidays of anyone who participates- with a higher happiness quotient. What’s in Your Gratitude Basket? What are you grateful for this holiday season? Who will be at your Thanksgiving table to whom you want to offer gratitude for the way they’ve influenced your life? Are you willing to go the extra step to express your feelings to them? And if you won’t be with someone who fits that category, would you be willing to write a letter and read it to the recipient? Let’s get the gratitude ball rolling, and bring it into all aspects of our lives. Into our home, our relationships, and our workplaces. The science shows we’ll all have more well-being, motivation, and overall success. In that spirit, thank you for reading my blog week after week, letting me know I make a difference, and inspiring me to bring my thoughts and creativity to life. You give me a weekly boost in my own gratitude and happiness. Thank you and enjoy your Thanksgiving ritual! Did you enjoy this article? Sign up for my Life and Leadership e-list for more inspiring articles like this one.

Reflection Paper Essay Example | Topics and Well Written Essays - 750 words - 3

Reflection Paper - Essay Example It is known as industrial organization, and it makes managers have an understanding of how to make strategic decisions. Strategic decisions are those decisions that aim at changing a firm’s condition for which it competes with other firms. This is done to increase profit made by a firm in the long run. Managers must consider the economic cost of resources in order to achieve their profitability. The economic cost of resources is equivalent to the sum of what resource owners pay and the forgone returns of failing to take the resources of the owner to the market. In order for a firm to maximize its profits, the revenue and cost must not be dependent at all times. According to Thomas and Maurice, managers may make mistakes like increasing output to cut down average costs (13; ch.1) In the market, there are two groups of people: price setters and the price takers. The price takers are firms that cannot set prices in the market. To them, prices are set by demand and supply forces i n the market. Price setters, on the other hand, decide on the price for their products. Price setters control the market as they have the power to set prices. Market is where buyers and sellers exchange goods and services under an arrangement. The market helps in reduction of cost as the only cost involved is the product’s price. There are various market structures. ... Thirdly, there is the monopolistic perfect market that comprises many small firms, differentiated products and no barrier to entrance of new firms. The last form of structure is oligopoly; it is whereby firms produce all products, and their profits are not independent. The action of one firm may lead to a consequent effect on other firms. A recent structure is the globalized markets whereby markets in the world have been integrated. The integration has provided firms with a chance to sell and buy their goods and services in the foreign markets. Charles and Christopher presented an alarm on increased competition from other producers (23; ch.1) A review on Is Wal-Mart Good for America This movie gives a provocative scrutiny of the effect Wal-Mart had on America’s economy. This video highlights the transforming relationship between retailers and manufacturers demonstrated by Wal-Mart, which has led to bankruptcy firms in America and increased unemployment rate. As Wall-Mart suppo rters advertise the pros of low cost, others are shocked at what has led to low prices and the effect of large retailers on SMEs. From the Chapter Cne review in the video, it can be noted that this is one of the many mistakes that managers do hoping that they will make more profits. For instance, the global retailers overtake producers in decision making on product price, type and quality. Global retailers are superseding manufacturers in making decisions about product quality, type and price. There is no balanced trade as the Chinese are unable to buy American products while Americans buy theirs. To add to that, Wal-Mart has 6,000 suppliers, and China makes 80% of this. China has emerged

Dog Essay Example | Topics and Well Written Essays - 250 words

Dog - Essay Example Another fundamental difference that would be exhibited from the perspective of the dog would be the way in which emotions, speech, and communication is understood. Naturally, due to the limited vocabulary that most dogs understand, the level to which they can make sense out of the hundreds, even thousands of sounds that humans make is also limited. Such a drawback actually compounds the level of confusion that they animals face within the current world. However, one cannot simply focus upon the drawbacks that living within a dog’s body would portend; there are also a great many strengths and abilities that one would gain by having all of the abilities that canines have. For instance, the first of these would be the speed and agility which many breads exhibit as a function of the way they run, jump, and play. Naturally, having four legs would greatly improve the speed, agility, and stability that one would experience as a simple human. Similarly, when one considers the extraordinarily strong sense of hearing and smell that dogs exhibit, one can only begin to imagine the level of advantage that this would give with reference to being able to experience what a highly attuned and accentuated senses would feel like. Sadly, all of the senses that one would experience within the body of a dog would not be accentuated as the fact of the matter is that many scientists have proven that the visual capabilities of dogs are severely limited as compared to that which humans can ultimately boast. Of course thus far this analysis has simply focused upon the key areas of difference and divergence that humans and dogs would have. However, the more important factor is if one were trapped in the body of a dog they would necessarily be highly interested in the way in which humans viewed them as living and worthy of life. Whereas