Factors of Economic Growth

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Presentation transcript:

Factors of Economic Growth Australia’s Economy Economic System & Factors of Economic Growth

Economic Continuum Command Market Cuba Russia Germany UK US Australia

Australia’s GDP Australia’s GDP is $1.542 trillion (US dollars). they are ranked 19th in the world! Australia has such a high GDP because of the abundance of the four factors of economic growth within the country: Natural Resources Human Capital Capital Goods Entrepreneurship

Australia’s Natural Resources land arable: 6.16% Agricultural products: wheat, barley, sugarcane, fruits; cattle, sheep, poultry Minerals: coal, iron ore, copper, tin, gold, silver, uranium, nickel, tungsten, mineral sands, lead, zinc, diamonds, natural gas, & petroleum

Human Capital in Australia Australia invests heavily in human capital: Children are required to attend school from 6 to 18. Taxpayers pay for schooling for all children. Literacy rate is nearly 100%. Workforce is well-trained and well-educated. Healthcare system is very good. All of these factors improve Australia’s standard of living: one of the highest in the world!

Australia’s Literacy Rate What percentage of the population over the age of 15 can read and write? 99% How long are students required by law to stay in school? 18 years

Economic Struggles poverty: The worst conditions are among the Aborigines. Life expectancy of Aborigines is much lower than other Australians. Aborigines tend to earn less income and do not have as good a system of healthcare. What percentage of Australia’s population is unemployed? 5.2%