International Economic & Trade

International Economics and Trade Page1

Australian Economy

Abstract

Australian Economy is one of the world 's most prosperous economy Western-style market economy dominated by its services sector (68 of GDP , though the agricultural and mining sectors (29 .9 of GDP combined account for 65 of its exports . Rich in natural resources , Australia is a major exporter of agricultural products , particularly grains and wool and minerals , including various metals , coal , and natural gas . The Service industry occupies a great position in the economy . Australian economic reforms is often considered as the

key factor behind the continuing strength of the economy . The Billion (2006 Est ) was the world 's 17th highest GDP and the growth grate was 3 .8 and the per capita income was 32 ,900 and we have seen the performance of Australian Dollar in the recent months in which inflation is every high , Now the Australian Dollar is most equal to United States Dollar . The Quarter 2

Labor Force and Unemployment

The spread across Agriculture , Mining , Industry , Services and Business . Even though Australian economy was rising the Governments show a problem of unemployment . There was 4 .3 unemployed in the country , which is the average . But there are some countries like Denmark , Norway , Finland etc . which have 100 employment . Australian economy should focus on such issues where the unemployment can be reduced , and the good thing to notice is The Population below Poverty line is 0 , which is the most tremendous achievements of the Australian Government . The main

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industries of employment as seen as Mining , Industrial and Transportation Equipment , Food Processing , Chemicals and Steel

Balance of Payments of Australia

Nowadays , in the situation of quick development of cooperation between countries and rapid progress within national economics , it is necessary to elaborate efficient indexes of economic status . Modern methods are used to estimate progress and regress in the economy of some certain country as well as of the general situation at the international market The most widespread method of monitoring economic conditions is known under the name of the balance of payment

The notion of the balance of payment (BOP ) is one of the most important in the modern economic theory , especially when the sphere of international trade is concerned . The term balance of payment (BOP ) is determined as the method of measurement monetary inflow and outflow of some certain country in other words - monetary transactions of the country during some temporal period . All trade operations - both of public and private sector are taken into consideration when estimating the BOP . Balance of payment reflects payments to foreigners (when country gives /pays money ) which are called debits alongside with all payments obtained from foreigners (when country receives money ) which are called credits . Balance of payment serves as one of the most significant indicators of the country 's position in the net of international trade . Theoretically the BOP index must be equal to zero , presupposing the equality of debits and credits and their balance , but it happens very rarely . Thus...