The market price of the product
Go to the CIA Fact Book, https://www.cia.gov/the-world-factbook/ and look up the country Australia. Then complete the questions below.
1. What is a major industry in your country? (For example, Copper is a major industry in Zambia).
2. Go to Google and find information on the market price of the product. (For example, for Zambia you would Google ‘What is the market price of copper?’
3. On the graph below DRAW a demand curve and supply curve for your product. Label the horizontal and vertical axes, and label the curves.
4. Suppose consumer income increased. What impact would you expect an increase in consumer income to have on the market shown in question 3?
Sample Solution
Australia is a developed nation with a highly diversified economy. It’s major industries include mining, telecommunications, manufacturing, banking and finance, agriculture, tourism and construction. Mining is the largest sector in Australia’s economy and accounts for around 10% of GDP as well as approximately 17% of all exports (The World Factbook 2020). This includes resources such as coal, iron ore, gold and natural gas which are all extensively mined in the country.
Telecommunications also plays an important role in the Australian economy; this industry generates over $45 billion annually while employing around 220 thousand people (Australian Communications & Media Authority 2019). Manufacturing follows closely behind with it’s output accounting for approximately 10% of all national economic activity while providing nearly 1 million jobs across various industries such as automotive production, food processing etc. Other major sectors include banking and finance which further contribute to the overall strength and stability of Australia’s economy.
In conclusion, even though mining remains one of Australia’s most important economic activities, its overall structure is quite diverse due to contributions from multiple sectors including telecommunications ,manufacturing ,banking/finance etc.; this allows the nation to remain competitive on global marketplaces while simultaneously driving domestic growth through these varied sources of income.
