Comparing The Australian Economy And The Chinese Economy

1066 Words Feb 27th, 2016 5 Pages
Economic development refers to the sustained actions of communities, federal, state, and local governments that improve our standard of living through the creation of jobs, new technologies, economic health, and the creation of an overall better quality of life. The comparison between the Australian economy and the Chinese economy provide a detailed and comprehensive view of both nations. China is of political, cultural and economic strategic importance to Australia. Economic growth, employment/unemployment, environmental sustainability, the role of government (in health care, education and welfare), and quality of life determine the economic development of a nation.
Australia and China’s economic growth vary in terms of different increases in their gross domestic product, or GDP, which is measured in US dollars. Economic growth refers to a change in a nation’s output of goods and services over a period of time which is reflected by gross domestic product. During periods of economic boom, GDP is generally high. Similarly, during periods of recession, GDP is generally low. Australia is a mixed market economy, where the government plays a major role in providing collective goods and services while the private sector makes most of the economic decisions. Income is determined by the market but the government controls some private sector behaviour, minimum wage requirements, redistribution of income and other related economic activities. China, on the other hand, is a centrally…
Open Document