The story of the real Australian economy: Part 2 – Australia’s house of cards. In my previous article, I outlined the economic conditions Australia faces as the mining investment boom reaches its end, and how strong headline indicators mask deeper structural issues with the economy.
I will now take a thorough look into what these issues are and what factors are contributing to Australia’s unsustainable growth model. Firstly, what do I mean by the ‘structure’ of our economy? The structure of the economy refers to the various sectors and industries which contribute to growth and overall economic development. Examples of these sectors are services, manufacturing, construction, agriculture and mining, which can be segmented further into other areas. Over the past decade, Australia’s growth has been driven by the mining and resources sector, which has rendered other industries uncompetitive due to the RBA setting high interest rates to combat inflation and the Australian dollar soaring above parity for a sustained period of time. Figure 1: Balance of our Current Account.
ACTU Worksite for Schools » Primary, Secondary, and Tertiary Industries. You’ve heard of primary, secondary and tertiary education.
Financial Services INFOGRAPHICS 2014 2. 15 Business Simulation Games Could Build Hands-on Business Experience. Starting and managing a business could be very challenging and risky, now you can gain a hands-on experience from the following business simulation games.
Play and learn, there are several free games definitely worth your time! INNOV8 (Free) From IBM, INNOV8 2.0 Full Academic Edition is a 1-hr playable BPM Sim game running on a 3D game engine, free for Professors and IBM Customers. Over 1000 schools worldwide have downloaded the game and more than 100 universities worldwide have built custom curriculum using our serious game to help students learn about business process management and SOA.
One study found that a great lecture can improve learning by 17% but serious games can improve learning by 108%! Both IT and business professionals understand that processes are critical to success. The Economic Way of Thinking.
Economics, 17th Edition - Samuelson & Nordhaus. Tariffs - Encyclopedia - Business Terms. Related Terms: Exporting; Globalization A tariff is a tax or duty imposed by one nation on the imported goods or services of another nation.
Tariffs are a political tool that have been used throughout history to control the amount of imports that flow into a country and to determine which nations will be granted the most favorable trading conditions. High tariffs create protectionism, shielding a domestic industry's products against foreign competition.
Production. Economic Concepts. Economic Glossaries. Economic Impact On/Of. Measures of Australia's Progress, 2010. Types of Economic Systems. The Environment Is An Economic Good. The Environment Is An Economic Good National Content Standards Addressed: Standard 1: Productive resources are limited.
Therefore, people cannot have all the goods and services they want. As a result, they must choose some things and give up others. Standard 2: Effective decision making requires comparing the additional costs of alternatives with the additional benefits. Australia's Future Tax System - Architecture of Australia's Tax and Transfer System. Inflation Calculator. This tool calculates the change in cost of purchasing a representative ‘basket of goods and services’ over a period of time.
For example, it may show that items costing $10 in 1970 cost $26.93 in 1980 and $58.71 in 1990. Disclaimer The results produced by the Inflation Calculator are intended as guides only and should not be regarded as 'official' Reserve Bank calculations. While every effort has been made by the Bank to ensure that the data and formulae used to generate the results are accurate, the Bank accepts no liability or responsibility for the accuracy or completeness of the resulting calculations and recommends that users exercise their own care and judgment with respect to the Inflation Calculator's use.
The Household Economic Wellbeing fact sheet series currently comprises: The series may be expanded in the future to cover other aspects of these important statistics. When considering the circumstances of households, the key economic wellbeing factors that affect people's material standard of living are income, consumption and wealth. Income can be used to support consumption of goods and services, such as food, clothing, housing and leisure activities.
Some people with low incomes have considerable wealth allowing them to maintain consumption levels above their current income.
Consumption: a key concept in Economics. Economics Lessons. Lesson Plans on Development. Development Lesson Plan In this lesson students will learn the fundamental concepts of economic development.
Students will learn about the role of globalization in developing societies, different theories of why some countries are more developed than others and will be able to identify the key institutions and players in the field of international development. Students will research, write, present and evaluate grant proposals to fund a development project that encompasses a specific strategy of development (Poverty Reduction, Trade-Not-Aid, Good Governance, or Sustainable Development). Lesson Plan: Sustainable Development and Africa’s Wildlife Reserves This lesson plan is hosted on National Geographic’s Xpeditions website. Environment and the Economy. Compound Interest. Today, calculators will do the computational work for you, however, here's a breakdown of how to calculate compound interest: Compound interest is interest that is paid on both the principal and also on any interest from past years.
Its often used when someone reinvests any interest they gained back into the original investment. For example, if I got 15% interest on my $1000 investment, the first year and I reinvested the money back into the original investment, then in the second year, I would get 15% interest on $1000 and the $150 I reinvested. Over time, compound interest will make much more money than simple interest. Investing 101: What Is Investing? Investing (n-v st ing) The act of committing money or capital to an endeavor with the expectation of obtaining an additional income or profit.
It's actually pretty simple: investing means putting your money to work for you. Essentially, it's a different way to think about how to make money. You can't create a duplicate of yourself to increase your working time, so instead, you need to send an extension of yourself - your money - to work. There are many different ways you can go about making an investment. What Investing Is Not Investing is not gambling.