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Economic principle - Essay Example

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Economic Principle Table of Data   Australia USA Qatar Total population  23,298,022  313900000  2051000 GDP/capita 23945.72 USD  49965.27 USD  102700 Labour force  11639200  154839000  1320000 % of population working in agriculture  3.3  0.7  2.3% % of population working in industry  21.6  20  51.8% % of population working in service  75.1  79.3  45.7% % of population living below the poverty line  12.5  14.8  0% Exports commodities  coal, crude petroleum, copper, liquefied natural gas, iron ore, meat, gold, wool, wheat, alumina   Industrial Supplies, automotive vehicles, Consumer goods, capital goods Capital Goods and components Food and beverages  Liquefied Natural G…
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Download file to see previous pages ers by %  China 18.2% United States 11.6% Japan 7.8% Singapore 5.9% Germany 4.6% Thailand 4.2% South Korea 4.0%  China 19% Canada 14% Mexico 12% Japan 6.4% Germany 4.7%   US 14.2 % UAE 11% Saudi Arabia 8.3% UK 6.4% Japan 6 % China 4.8% Source: Unicef, 2013 Answer 1 The percentage of population who are in the labour force has been calculated by taking the total population and the number of people in the workforce. While both in US as well as in Australia the rates of participation in the labour force are 49% for each of the countries with the rate at Australia little higher than that of the United States for Quarter the figure is much higher at 64% (Australian Bureau of Statistics, 2013). Answer 2 In case of all the three countries it has been noticed that the percentage of population in the agriculture is extremely low. This is a special characteristic of all the developed nations. As the countries move from the different stages of development the sectoral contributions of these countries would vary at each stage. This means that an underdeveloped country would have the majority of the population engaged in the agriculture. On the other hand the developing countries which have crossed the initial stage of development would have industry as the main contributor to the GDP and the maximum participation of the labour force would be in that sector. Finally the most developed countries of the world would have the maximum percentage of people working in the services sector. Thus the high percentage of people engaged in the services sector of USA and Australia, which are 79% and 75% respectively, would prove that these countries are more developed. On the other hand in case of Qatar the percentage of people in the services sector is only 45% while the industrial sector constitutes the major part of the population. Therefore Qatar can be claimed as comparatively less developed than the countries like Australia and the USA. Answer 3 The list of exports of Australia compared to that of Qatar is much longer. This is because the country does not have any agricultural produce and therefore it cannot export any agricultural goods to any other country. Petroleum and related products are the main sources of income of the economy of Qatar and the main sources of government revenue and accounts for more than 60% of the GDP of the country. Thus the resources that the Qatar Economy is endowed with are restricted to the industry and the services sector only. Even the contribution of the services sector is limited to 20% only. On the other hand, the Australian economy exports products and services that comprise of all the sectors of the economy. ...Download file to see next pages Read More
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