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Economics of Australia and China

            Australian economy and Asian economies play a very similar role in solving the economic problem. The problem of scarcity arises because of the volume and efficiency of resources available for production is unlimited. These are factors that dominate our lives, we have unlimited wants and limited resources. "What to produce?", "how much to produce?", "how to produce?", and "to whom to distribute?" are the main functions of an economic system. The economic system is an organised way in which a country distributes its resources and goods and services into the community. There are four main types of economic systems: centrally planned economies, mixed economy, traditional economy and capitalist economy.
             The very first problem of an economic system is "what to produce". Consumer preference or supply and demand can influence what goods and services are to be produced. The next problem is "how much to produce", The main issue is the techniques into producing the products in the most economical way possible. This ensures the lowest possible cost of production at the same time a maximum output of products. "For whom to produce", is a function of an economic system that decide upon the distribution of goods and services produced in their final form. This is determined through needs of individuals or through contribution towards the production process. "To whom to distribute", Humans and natural resources are distributed among different occupations according to the needs of society; they need to decide who will get the output on the country's economic activity. Thus the age of the working class must be determined with the population. .
             The economic problem of scarcity has influenced both Australian and Chinese economies. Both Australia and china offer health care for their country. Population in china and population in Australia are unequal; therefore health care in China is less clean and efficient as the health care in Australia.


Essays Related to Economics of Australia and China

1. Economies of Australia and China

China's relations with Australia are identified by their strong trade bonds. Australia's largest trading partner for goods and services is China, whereas Australia is a primary source of resources for China. ... Figure 1.1: Indicators of the size of Australia and China Economics Australia China Population (2014) 14 million 1.5 Billion Exports of goods and services (% of GDP) 2014 20.9 22.6 GDP per capita (2014) US$ 61,925.5 US$7,590.0 GDP Growth (annual %) 2014 2.5 7.3 GNI,PPP ( 2014) 42,760 13,170 Population density(people per sq km) 2014 7,741.2 9,562.9 Source: World Bank (2014)...

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  • Grade Level: High School

2. Australian National Security in Southeast Asia

The first group, which is called defender-regionalist, stresses the standard geopolitical determinants and the growing role of China in the region. ... ADF and the security of Australia. ... The land invasion of Australia is not really considered because probably no other country than the USA is capable of the amphibious invasion to Australia. ... On the other hand, countries such as China, Vietnam, Indonesia, Malaysia, and Thailand must be definitely taken into account. ... Their economic or demographic limits simply do not allow them to pose a threat to Australian interests or even attack A...

  • Word Count: 2241
  • Approx Pages: 9
  • Has Bibliography
  • Grade Level: Undergraduate

3. Why is the study of Contempora

Because of Australia's proximity on the globe, trade to and from South-East Asia, in particular Japan and China, has seen a steady, overall increase in the amounts of imports and exports we perform over the last thirty years. There has also been much work on improving the tarnished relationship between Japan and Australia after the second world war, and a peaceful future looks promising as Australia leads the world in the amount of students studying the Japanese and Chinese language, for a nation that doesn't speak it natively. ... Hand in hand, the trade for Australia's prima...

  • Word Count: 1750
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  • Grade Level: Undergraduate

4. Chinas Economics

China has always been an important country in the world. ... Economic freedom has increased China's prosperity. ... This Chinese statistic shows the growth of real GDP from 1979 to 1998, which is making China one the world's fastest growing economies. ... Most of the Chinese are known to have a high rate of savings. ... The following data shows that China's per capita GDP is $3,701. ...

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  • Grade Level: High School

5. The Benefits of Globalization

As a matter of fact, China's growth in income from $1,460 a head in 1980 to $4120 by 1999 is mainly due to willingness to open to world trade. Another example will be Australia. ... In addition to national economics benefits, the flexibility of world trade allows countries to channel their national energies in industries that they are good at. ... A survey has showed that more than 740,000 Australian shopped online within the span of 12 months to February 2000. ... For example, a western Australian wine manufacturer, located some 400 kilometers south of Perth, who may once struggle to pro...

  • Word Count: 549
  • Approx Pages: 2
  • Grade Level: Undergraduate

6. United States and Russian Natural Gas Industries

The Macroeconomics 2301 class enrolled at Tarrant County College " Southeast has organized in class research teams under the direction of Dr. McKizzie. The goals of the trams will be to focus on research toward closing the gap between two countries that have a germane resource. One country will be ...

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7. International Car and Vehicle Transport

This amount was 3 million in 1993 [Stopford, Maritime Economics], showing us a 200% increase of vehicles being traded in a decade. ... Brasil, Mexico and China are the other countries mentioned with increasing market shares [Seatrade 2003]. If we divide the countries of the market as developed and developing, we see USA, Western European Countries, Japan and Australia in the developed group. Brasil, China, Malaysia, Mexico, Korea, South Africa, Taiwan are in the developing countries group. ... Cars, as cargo are high volume, low density, high value [Stopford, Maritime Economics]. ...

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8. Individual visit scheme

The Individual Visit Scheme (Hong Kong/Traditional Chinese:×ÉÐÐ, Mainland/Simplified Chinese: ¸ÖÈÎ) was started on July 28, 2003, to allow travelers from mainland China to visit Hong Kong on an individual basis.1 Prior to the Scheme, Mainland Chinese can only visit Hong Kong by joining organized tour groups, except for those travelling on business or who have family members living in Hong Kong. ... The outbreak of the SARS from March to June 2003 scared away visitors both from mainland China and overseas countries such as the United States, Canada, the United K...

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9. Post Modern Essay - Text in Art

The use of text within to the visual arts can be traced back as far as the inscribed carvings found on cave walls created by the Indigenous population of Australia approximately 46000 years ago. ... Wenda Gu was born in China and studied traditional, classical landscape painting. He was employed to teach ink painting and although he no longer practices in China, text remains central to his work. ... Gu ambitiously attempts to address, in artistic terms, the issue of globalism that dominates discussions of contemporary economics, society and culture. ... Gu worked to simplify the Chinese langua...

  • Word Count: 1851
  • Approx Pages: 7
  • Grade Level: Undergraduate

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