The Micro Economy Of Australia

Microeconomics and macroeconomics concepts aide in the understanding on how they affect the shifts of supply and demand affect equilibrium price and quantity. Microeconomics focuses on supply and demand (Colander, 2010). A company would look at ways to increase production that could decrease their prices compared to competitors. This would adjust the equilibrium price of products by increasing the quantity that is available. This would allow the company the ability to pass price savings to consumers. Macroeconomics is used as the economy changes such as with inflation (Colander, 2010). Inflation would cause a company to have increase cost of materials in producing their product. This creates a change in quantity to be provided as supply has to be adjusted to meet the decrease of demand due to the economy affects on equilibrium price.

Microeconomics deals with the individual parts in the economy and how they relate to each other. Macroeconomics deals with the totals of these parts in our economy

Microeconomics focuses on supply and demand. A company would look at ways to increase production so that the company could decrease their prices compared to competitors. This would adjust the equilibrium price of products by increasing the quantity that is available. This allows the company the capability of passing price savings to consumers. Macroeconomics is used as the economy changes such as with inflation. Inflation would cause a company to have a boost of cost in materials from producing their product. This creates a change in quantity to be provided as supply has to be adjusted to meet the decrease of demand from the effects on equilibrium price.

The modern drawcard has arrived. Education. Australia’s supply of study places to our northern neighbours has brought a new way of life to our shores.

Students can choose from a wide range of options including universities, colleges, vocational education, premier institutes, and English language training centres. Australia sits above the likes of Germany, the Netherlands and Japan in terms of number of courses it offer through it’s over thousands institutes. • Advanced Technology in Universities Australia provides quality scientific research programs to international students. International students studying in this country can take advantage of its extraordinary technology and research resources.

By 2020, the population of global higher education students is expected to increase by approximately 21 million to 190 million students. Of those, it is expected that the demand for an English language-based post-secondary education will increase by 750,000 (Ruby 2013). Information compiled by Alan Ruby indicated that, of the students in this category it is Canada’s goal to recruit approximately 210,000 students; Australia hopes to obtain around 100,000 students; the United Kingdom could enroll 30,000 students; if the United States gained its current market share (18%) of the forecasted 750,000 students, 135,000 students would be enrolled in U.S. programs (Ruby 2013). Based on these estimates, about 275,000 students

The United States has always been a main attraction for international students to gain intellectual knowledge, technical skills, cross-cultural experience, and better opportunities for professional development (Han, Han, Luo, Jacobs, & Jean-Baptiste, 2013; Zhang & Goodson, 2010). According to the Institute of International Education (2017), in the academic year of 2015/2016, there was an increase of 7% in the number of international student pursuing higher education in the United States over the previous year with total international students of 1,043,839 and 5.2% representing the total of U.S College enrollment. International students make higher education one of the largest service sector exports in the United States (Rice, Choi, Zhang, Morero, & Anderson, 2012; Zhang & Goodson, 2010). They are regarded as a vital financial commodity for countries

The international students as fee paying customers of education and training services has been a key strategy in education reform measures in Australia, which has had the aim of expanding education and training and establishing this as an export industry. For that reason the number of international students has grown rapidly (see chart) and their safety and have been the focus of increasing attention. In 2008, there were 435,263 international students living in Australia, and the country ranked fifth amongst OECD recipients of international higher education students, after the US,

2. Microeconomics – the branch of economics, which deals with the individual decisions of units of the economy – firms and households, and how their choice determine relative prices of goods and factors or production.

Microeconomics involves supply and demand in an individual market, individual consumer behavior, and externalities arising from production and consumption; while, macroeconomics involves monetary/fiscal policy, reason for inflation and unemployment, and international trade/ globalization.

The Economy is the backbone to society. There are many factors that operate in, and govern our society’s economical structure. Factors such as scarcity and choice, opportunity cost, marginal analysis, microeconomics, macroeconomics, factors of production, production possibilities, law of increasing opportunity cost, economic systems, circular flow model, money, and economic costs and profits all contribute to what is known as the economy. These properties as well as a few others, work together to influence the economy. Microeconomics and Macroeconomics are two major components. Both of these are broken down into several different components that dictate societal norms and views.

The numbers are impressive – in July of this year, there were already over 500,000 international students studying in Australia, an increase of 15 per cent over July last year.

Regardless of the financial costs of education, statistics show in the years from 1983 to 1996 numbers of students in tertiary education doubled and retention rates within secondary schooling reached new heights, rising from 40.6% in 1983 to 71.3% in 1996 (Jamrozik, 2009), clearly placing education as a high value within the Australian society and becoming a lifetime pursuit for many people. However historically, the changes that have occurred over the years, have reinforced Australia’s problem with social inequalities within the education system.

stated, “As the international dimension of higher education gains more attention and recognition, people tend to use it in the way that best suits their purpose” (de Wit, 2011, p. 243; Hudzik, 2014, p.9). In fact, a vision of internationalization is not complete if it does not cover “why internationalization?” (Aerden, 2013, p.62). Indeed, any international plan should not only be internationalized but also reflect the suitable features and expectations of the local and national community (Ardakani et al., 2011, p.169).

Microeconomics looks at how individual players in the economy, such as households and firms, interact. It focuses on the impact that their economic choices have on the allocation of scarce resources to meet unlimited demand. These interactions match what one party wants or demands in economic term and what the other gives in exchange (supply). Each time someone buys a chocolate bar from a newsagent or undertakes the morning paper round, there’s an interaction between supply and demand (ESRC).