StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Western Australia economy - Essay Example

Comments (0) Cite this document
Summary
The economy of Western Australia is rich in resources.The development of economy of this State has been highly influenced by resources boom since 1890s.During the past few years,the industry of Western Australia’s resources had enjoyed excellent conditions instigated by its prevailing commodities’ demand in the international market…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.2% of users find it useful
Western Australia economy
Read TextPreview

Extract of sample "Western Australia economy"

Download file to see previous pages The economy of Western Australia is rich in resources.The development of economy of this State has been highly influenced by resources boom since 1890s.During the past few years,the industry of Western Australia’s resources had enjoyed excellent conditions instigated by its prevailing commodities’ demand in the international market The objective of this paper is to evaluate the probable effect of the commodity market boom in the Western Australian economy’s sector of the iron ore. The iron ore production in the Western Australian economy explicates 97% of total production in Australia. Most of the iron ore produced in Australia is predominantly exported to Asian market. Following the speedy growth during the last ten years in mainland China, Australian iron ore’s export market has significantly developed in China. This information is evident from the export amount in the year 2010 that amounted to 70 percent of the total iron ore in Australia. The following diagram represents the export figures of iron ore from Australia to the Asian market as compared to the rest of the world2. Source: 2. Effect of Increase in Demand for Iron-Ore in Western Australian Economy The production factor of iron ore in the Western Australian economy is primarily dependent on the demand prevailing in the Chinese market for iron ore. Development in the Chinese construction and industry sector is the major cause of increased demand of iron ore in China. As a result of the demand prevailing in China for iron ore with the expectations of even higher demand in the near future, the prices in the Australian iron ore will attain all time high this year, i.e., in 2011. According to the market expectations in Australia, the spot market price on an average for iron ore in the year 2011 would increase to US$153-US$154 from US$146 in the year 2010. The expected price increase for iron ore is generated by the steel output in higher amount due to increasing demand in the growing economy of China3. Source:4 The above figure illustrates the production of crude steel on a monthly basis in different countries. The illustration reveals that the steel production in China has been the highest compared to other countries of the world. From meeting up the demand for iron ore from the Asian market, especially China, Australian manufacturers are producing iron ore by utilizing their maximum capacity for exports. In this scenario, production of the optimum level of output for satisfying the international market’s demand is a matter of concern for the Australian manufacturers of iron ore. As the demand at present in the Asian market is expected to remain constant or even increase in the coming 15 years, the only concern for Australian market is to bank upon the amount of production5. The theory of isoquants and isocosts is applicable for this Australian scenario regarding the production of the optimum quality pertaining to the prevailing demand in the Asian market. A clearer prospect of the theories can be evolved after explanation of the input requirements in the commodity production with reference to the input demand and prices. The most important inputs for production of iron-ore in Australia are capital and labor. As the concern for the Australian market is to produce maximum amount of iron ore through finding the optimum combination of the inputs required for production, implementation of the concept of isoquants would be most helpful for the economy. An isoquant is that curve which depicts all efficient combination of inputs such as capital and labor by considering their technological efficiency. The quantity to be produced remains constant, but the combinations of ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Western Australia economy Essay Example | Topics and Well Written Essays - 2000 words”, n.d.)
Retrieved from https://studentshare.org/macro-microeconomics/1419934-western-australia-economy
(Western Australia Economy Essay Example | Topics and Well Written Essays - 2000 Words)
https://studentshare.org/macro-microeconomics/1419934-western-australia-economy.
“Western Australia Economy Essay Example | Topics and Well Written Essays - 2000 Words”, n.d. https://studentshare.org/macro-microeconomics/1419934-western-australia-economy.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Western Australia economy

Western Influence on Hedge Fund Investments in Russia

To "hedge" a bet is to protect against loss by betting a counterbalancing amount against the original bet. Similarly, a "hedge" in the financial world is a transaction that reduces the risk of an investment. So why are high-risk partnerships that use speculative techniques called "hedge" funds?

Hedge Funds are usually designed as partnerships with the general partner typically being the hedge fund’s manager. (Hedco.net, 2006) The general partner usually invests a large part of his wealth and money into the hedge funds. Hedge funds are different from mutual funds with respect to the type of investors and also with regards to the regulations generally imposed on them. The objective of this dissertation is to analyze...
57 Pages(14250 words)Term Paper

Growth Performance of Indian Economy

This percentage is expected to rise to 70% by 2030 - the largest in the world, according to a report titled Destination India- from the Investment Commission of India.” (Hood).
We all know that for more than a century, the United States has been one of the largest economies in the world. However the past few years showed major development in some countries, and the focus moved to Asian countries like India and China which were progressing very fast.

According to the experts, share in the total world GDP of India will rise from 6% to 11% by the year 2025. The GDP of India rose to 9.0% during the year 2005-06 again to 9.4% in 2006-07. The projection reports say that India will be 60% the size of the US economy...
6 Pages(1500 words)Assignment

Queensland Australia Marketing Plan Challenge

 The company was formed in the year 1888. The products of Foster’s are sold in more than 155 countries in the world. Foster’s lager beer is the landmark product of Foster’s Group. Foster’s Lager is the tenth best international beer brand. Foster’s is already a well-established brand in Australia and in many parts of the world. But the company has not fully penetrated into the Asian market. Profits for the company from the Asian market are low compared to the other international market. Asia is a very potential market for beer and other beverage products. Lack of proper marketing strategy is the reason for the low rate of market growth in the Asian region. 

Foster’s beer is o...
9 Pages(2250 words)Case Study

The Importance of Tourism to the World Economy

Since the eighties, perceived risk research has been of ongoing interest to tourism researchers, Dolnicar (2005) and Dickson, Chapman, and Hurrell (2000)  states. Contributions often include those which investigate positive risk as a factor in increasing tourists who are seeking a thrill. On the other hand, there are also those who view these risks as something negative, thus avoiding the destinations which are haunted by different risks such as diseases, terrorism and other forms of political instability (Dickson & Tugwell, 2000).

The current qualitative research inquired about the risks perceived by young people as regards both domestic and international traveling. A sample of 23 was interviewed for this purp...
15 Pages(3750 words)Research Paper

Clinical Governance Approach between UK and Australia

The UK Department of Health defines it as “the framework through which NHS organizations are accountable for continuously improving the quality of their services and safeguarding high standards of care by creating an environment in which excellence in clinical care will flourish.” (Department of Health, 2004).

The term clinical governance gained importance following the high mortality rate for pediatric cardiac surgery at the Bristol Royal Infirmary. The incident led to the formation by the government in 1998 of the Kennedy Commission, which proved a turning point in overhauling the NHS (Kennedy, 2001). The commission’s final report recommended that change “can only be brought about with the willing...
11 Pages(2750 words)Term Paper

In What Ways Did 20th Century Conflicts Change the Nature of Western Introspection

The 20th century period was marked by several conflicts: World War I, the Holocaust, World War II, the exploitation of Latin American countries, Racial Segregation and the Negro Revolution which spawned the Civil Rights Movement in America and the Feminist Movement.

The Holocaust is admittedly one of the most horrific events in the history of mankind and the impact of the horrors it brought changed the way Ellie Wiesel sees his faith. While Jews are known for their orthodox and unquestioning faith in God, Wiesel’s experiences in the concentration camps of Auschwitz compelled her to question God’s existence. In Night, Wiesel tells of the unspeakable hanging of a young boy who was left dangling for thirty min...
8 Pages(2000 words)Assignment

Indigenous Community Health in Central Queensland-Australia

Though present in many regions of Australia, New South Wales, and Queensland make up for the largest concentrations of the indigenous population. A larger percentage of this population inhabit rural and remote areas. The median age of this indigenous population is 21 years, which is much lower than the non-indigenous population at 37 years. High fertility rates and low life spans in the indigenous community are believed to be the cause of this disparity in median age. Unemployment and low earnings are characteristic differences in the indigenous population and the non-indigenous population. The unemployment rate of the indigenous population is threefold that of the non-indigenous population. The average weekly income of the indige...
6 Pages(1500 words)Coursework

Aquaculture Black Brawns in Port Douglas, Australia

Situated in Port Douglas, North Queensland; the Black Brawns Aquaculture project mainly concentrates on the production of prawns. Prawns are mostly produced in large-scale ponds. The process of this production runs 24 hours a day throughout the year. It is a four-stage process that involves hatching, growing, harvesting and processing of the prawns. Given that the prawns feed at night, most of the activities of feeding run between 11 pm to dawn (Anderson Et al, 2006 p 4).
Prawn farming in Australia is a thriving industry that employs 2,800 people directly and indirectly. It produces 3,500 metric tons of prawns annually in farms covering 900 hectares. It raises a total revenue of US$ 47 million (FAO, 2009). Apart from Port Dou...
9 Pages(2250 words)Coursework

Effect of Corporations Moving Jobs Overseas on the Economy

The issue comes into focus, whenever there are political, economic debates or talks about H1B visa limits. The economic slowdown has further led to the intensification of these debates. But, despite apprehensions from different quarters, neither the companies nor the government has said a final word on the trend. Increasing levels of competition amongst the corporate houses have been one of the key highlights of the globalization era. Be it the retail sector, the banking, the automobile, the IT-enabled services, the white goods space, etc. the companies have always been on the lookout for reaching out to more number of customers while doing everything possible to please the existing lot. Leveraging the economies of scale has prove...
8 Pages(2000 words)Coursework

The Evolution of Australia Terrestrial Vertebrates

Marsupial species including diprotodons and a giant reptile, the Megalania, a goanna species measuring up to 7 meters in length, disappeared within a relatively short time. Australia suffered greater extinction rates than other continents with an estimate of over 85% of all vertebrates over a bodyweight of 40 kilograms becoming extinct (Roberts et al, 2001).
Australian megafauna during the Pleistocene included marsupial mammals, birds, and reptiles, with marsupial herbivores weighing up to 1,500 kilograms. Kangaroo species reached weights of up to 1,000 kilograms and the largest bird, Geyornis newton, weighed an estimated 100 kg (Hiscock, 2008).
The tendency to evolve into larger species (gigantism) is a product of natur...
6 Pages(1500 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Western Australia economy for FREE!

Contact Us