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

What is economic growth Discuss the factors that promote economic growth in ( Australia ) - Essay Example

Comments (0) Cite this document
Summary
It is facilitated by increase in productivity which reduces the inputs as compared to a specified amount of outputs. This is a fact that…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.2% of users find it useful
What is economic growth Discuss the factors that promote economic growth in ( Australia )
Read TextPreview

Extract of sample "What is economic growth Discuss the factors that promote economic growth in ( Australia )"

What is economic growth? Discuss the factors that promote economic growth in Australia Economic growth is indeed the increasing capa of the economy to make sure that the members of the society satisfy their needs and wants. It is facilitated by increase in productivity which reduces the inputs as compared to a specified amount of outputs. This is a fact that the reduction in costs implicate for increase in demand of goods and services. However, economic growth is the resultant of new services and products that are coming to the fore. Therefore economic growth is a force that makes sure that development is dependent on how much a country earns over a period of time.
The factors that promote economic growth within Australia comprise of its service sector which depicts around 68% of the GDP. Also the role of the agricultural and mining sectors is of utmost essence as these signify about 57% of Australian exports (Blackie, 2008). Economic growth within Australia is bolstered by being dependent on imported crude oil as well as petroleum products. The economic growth is manifested time and again by the strength of the Australian Dollar which has made its mark not only within the nation but also in the Commonwealth comity of nations. The inflation is at 2.8% by 2010 estimates and Gini index stands at 0.331 by 2009 figures (Dixon, 2010). In 2010, $210 billion worth of exports were recorded which suggests for success within the economic growth modules. It can be easily suggested that the economic growth domains within Australia are set on the right pattern and one can look forward to seeing more similar dimensions coming to the fore with the advent of time.
Bibliography
Blackie, T., 2008. Battle of the Brfukuands. Business Review Weekly, 30(27)

Dixon, T., 2010. Australia in the Global Economy 2010. Leading Edge Education, Pearson Australia Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“What is economic growth Discuss the factors that promote economic Essay”, n.d.)
Retrieved from https://studentshare.org/macro-microeconomics/1581873-what-is-economic-growth-discuss-the-factors-that-promote-economic-growth-in-australia
(What Is Economic Growth Discuss the Factors That Promote Economic Essay)
https://studentshare.org/macro-microeconomics/1581873-what-is-economic-growth-discuss-the-factors-that-promote-economic-growth-in-australia.
“What Is Economic Growth Discuss the Factors That Promote Economic Essay”, n.d. https://studentshare.org/macro-microeconomics/1581873-what-is-economic-growth-discuss-the-factors-that-promote-economic-growth-in-australia.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF What is economic growth Discuss the factors that promote economic growth in ( Australia )

Economic Portfolio - Economic Growth

... Economic growth: In every economy, there are always four main macroeconomic objectives which are, price stability, economic growth, balance of payment and full employment. To achieve this objective, both fiscal and monetary policies have to be implemented. Normally for any particular economy, both social and political problems are the key factors relevant in achieving all the four objectives. Fiscal policy refers to expenditure and taxation policies central government, that are implemented by the ministry of finance through special agencies, directly or through area ministries, where as, monetary policies are the government’s regulations of the interest rate level and money supply in the economy. Usually, the monetary policy is executed...
3 Pages(750 words)Coursework

Economic Growth

...Singapore Economic Growth By   Singapore Economic Growth A strong economic growth is the quantitative capability of an economy to produce goods and services that increases in value and output without decreasing in each of the subsequent years while on the other hand a sustainable economic growth is the ability of the given economic status to support the individuals of a given nation ensuring that the number of people who are living below poverty line are minimal as possible. In addition to that, a sustainable economic growth does not solely focus in ensuring that people live a good life it also focuses on other aspects of life, that is environment and the social lives of people. The economic growth of Singapore is not that strong...
8 Pages(2000 words)Essay

Major Factors of World Trade Globalisation

The process of migration and technology transfer use the term globalisation to refer to national economies’ integration into a global economy. When economists use this term, then by this word he wants to imply a removal of national barriers for facilitating the flows of goods and services, labour and capital from one country to another. (Bhagwati, 2004; Steger, 2003)
The process of globalisation is actually made up of two phases. In the first phase, most of the countries are integrated economically. The principal action that is conducted during this first phase is to make negotiations of world trade by reducing protectionism. In this phase, all products get access to a wide global market. The second phase of the globali...
7 Pages(1750 words)Coursework

Bernard Madoff : A Scapegoat of the Economic Crisis

Darwin was condemned and treated with contempt by the Church for proposing the theory of evolution that linked all living matter in the earth, including humans. In the case of Bertrand Russell, he was imprisoned as a conscientious objector, for expressing his opposition to British participation in the First World War. These are typical examples of people being wrongfully punished when they were guilty of no crime or fraud or misdoing. It would be highly improper to associate Bernard Madoff with the aforementioned luminaries, for he was truly guilty of carrying out the biggest financial fraud in modern history. At the same time, it would be simplistic to classify him as a victim of the contemporary judicial system. The truth, in fa...
6 Pages(1500 words)Assignment

Economic Models: The Free Market and The State Owned System

The free market concept is mainly a theoretical concept as every country, even capitalist ones place some restrictions on the ownership and exchange of commodities (Free market economy). Therefore, the term free-market economy primarily means a system where the buyers and sellers are solely responsible for the choices they make. It gives the buyers and sellers the power to do business without being afraid of any regulations and intervention by the state. Hence, a free market gives the absolute power to prices to determine the allocation and distribution of goods and services (Free Market Economy). The pricing mechanism is in turn, driven by the forces of demand and supply of goods and services. Demand and supply of...
9 Pages(2250 words)Case Study

Economic Analysis on BMW Cars in the US Car Industry

Mini and the 1-series rapidly grew at a much higher rate through 2008. Since the early days of the new millennium, BMW has been one of the first automakers to utilize flexible factories in which more than one vehicle model could be produced at the same time. This enabled the company to meet shifts in market demand more effectively than BMW’s competitors could. BMW challenges to retain its market position in the international market for luxury cars. Many automakers, such as Hyundai with its Genesis sedan or Nissan's Infiniti brand are increasingly successful in realizing higher margins earned on luxury vehicles. BMW is rated behind luxury brands such as Lexus, Porsche, Mercedes, and Infiniti for these reasons

1. Th...
7 Pages(1750 words)Case Study

Multiculturalism: Socio-economic Impacts on Modern States

This paper tends to argue that multicultural policies have promoted social segregation and economic insecurity in modern states. As the most relevant example, it will also evaluate how multicultural policies have evolved to be the most recent threat to the nationality and cohesion of Australia and the United Kingdom.

To begin with, many of the policies enacted on citizenship and immigration have brought about incessant controversy in Australia. In addition, the exceeding emphasis put on the multicultural policy has given rather unfavorable outcomes to both Australia and the UK. Policies that are intended to ensure equal representation and opportunities often create frustration and disappointment among certain interest g...
6 Pages(1500 words)Case Study

Globalization and World Economic Forum at Davos 2010

...Globalization and World Economic Forum at Davos Forces Driving Globalization Globalization has resulted in enhanced interdependencies among thenations of unprecedented scale. This augmented interdependence has caused the dismantling of trade barriers and liberalization of markets. The forces of globalization have impacted the nations, the firms and the individuals alike with the prerequisite of liberalization of trade (Awuah, 2009). The seven forces of globalization are; Markets, Production, Culture, Labor, Technology, Environment and Liberalization. Of these factors, the globalization of markets has engaged substantial attention of the firms and the academia. Some markets are highly globalized, while some are not. The scale of market...
7 Pages(1750 words)Coursework

The 1846 Invasion into Mexico by the U. S.: The Political and Economic Forces that Brought about the Invasion

Some of the territories led to a war with Mexico from which the United States emerged victorious, expanding its territories and decisively establishing its dominance in North America.

President Andrew Jackson led an example of an administration that set the stage for the way in which James Polk would lead. In 1817, as a still yet military leader, Jackson led the United States into the first of three conflicts with the Seminole Indians from which the acquisition of Florida from Spain would be negotiated and finalized. The situation with Spain was tenuous and should have been dealt with in a diplomatic and cautious manner, but in 1817 President Monroe wrote a letter to General Jackson stating that “Great interests...
8 Pages(2000 words)Article

The Impact of Protection Policies on the Australia Aboriginal People of Today

Missionaries, clergymen, and humanitarians took up the Aboriginal cause at a time when so many colonialists looked on with indifference at the Aboriginal people of Australia. The missionaries did this because they believed that all human beings, Aboriginals and Europeans alike, were created in the image of God2. The missionaries and humanitarians denounced the theft of the Aboriginal land3. The policy of protection marked the establishment of schools for the Aboriginal people.

The first culture clash between the Aboriginals and the Europeans was over clothing4. The Europeans were used to covering themselves up completely5. As a result, the Europeans were shocked to see naked Aboriginals roaming around freely6. The Abori...
6 Pages(1500 words)Article

Economic and Social Impact of Globalization

Global corporations are heightening their awareness of the nature of their business relationships with diverse governments considered of primary importance to manage factors influencing their performance. From among the elements that global organizations closely and continuously evaluate, the social and economic impacts are considered of significant importance. As the components and diverse perspectives of globalization affect both the host organizations and those nations they do business with, this research aims to proffer significant social and economic issues that impact global strategies.

The concept of globalization encompasses theories beyond the traditional view that global corporations merely do business abroad....
7 Pages(1750 words)Coursework

Cognitive Factors in the Vulnerability and Ongoing Features of Eating Disorders Related to Anorexia and Bulimia

 The eminence and restrictions of these advancements are measured, together with their ability to meet with the norms for excellent speculation. EDs symbolize a method of handling with tribulations of self-control. The article reviews significant pragmatic evidence, the theoretical reconsiderations for cognitive models of EDs. An obvious need for amalgamation between cognitive theories of EDs and vulnerability factors was distinguished. Connotations for future research in terms of the cognitive theory of EDs are then discussed exhibiting urgent requirements for learning cognitive formulations to facilitate complete integration. Instant management spotlights on instantaneous enhancement in the health of the sufferer while endu...
11 Pages(2750 words)Research Paper
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 What is economic growth Discuss the factors that promote economic growth in ( Australia ) for FREE!

Contact Us