Australia and China both adopt a different economic system in exchange for a substantial economic growth to benefit their own nation. China being ranked 2nd in the world’s largest economy employs a command economy, which means the decisions on production and investment is decided upon the government. In comparison, Australia is a highly developed nation with a mixed market economy, meaning that the economy has a certain degree of planning involving the government, but the private sector dictates most of the economic decisions.
The size of a nation’s overall economy is measured by the percent rate in Gross Domestic Product (GDP), which is the value of total productions produced by an economy in a given year. In this case, Australia is generally …show more content…
Environmental sustainability is the maintenance of renewable resource, pollution creation and non-renewable resource depletion that contribute to the quality of environment on a long-term basis. The environmental performance index ranked Australia 3rd whereas China is far behind on the list, being ranked 188th out of 195 countries. China being ranked heavily low is due to the massive produce of carbon dioxide emissions and pollution from factories, which can eventually reduce the production of inputs into the natural environment, and thus represents waste and inefficiency. China does not have an effective energy distribution which results in blackouts due to the overwhelming demand for energy. Hence, the Chinese residents are constantly facing environmental issues such a pollution, blackout, electricity shortage, but the Government is trying to resolve the issues and becoming more environmentally friendly. Australia on the other hand has a very effective power distribution with extremely less blackouts and a 24-hour assistance in case of any emergencies. Therefore, Australia is more capable of maintaining an environmentally efficient economic system than …show more content…
The effectiveness of labour and entrepreneurial resources can be measured by unemployment rate, which refers to the number or proportion of unemployed people and is calculated by dividing the total number of unemployed by the total labour force. As evident in the graph below, Australia experienced a slight fall from 2010 to 2013 in unemployment rate, but in 2014 it managed to revise upwardly. Considering an average rate of 6.88% of Australia’s unemployment rate, China averaged a 4.11% which depicts the difference of China and Australia in terms of unemployment. Australia having a higher unemployment rate can be a negative factor as this resulted Australia in encountering an unbalanced distribution of its labour forces among the three sectors, with 75% employed in the tertiary sector, such as tourism, trade and transport. In contrast, 21.1% is employed in the secondary sector, such as manufacturing, while primary sector like farming and mining only obtains 3.6% of the Australian workforce. However, China has a much more even distribution of its labour force, with 36.7% in the primary sector, 28.7% in the secondary sector and 34.6% in the tertiary sector. Thus, a lack of employability, otherwise known as unemployment can affect the productivity of labour force, which can eventually impact a country’s standard of
The size of a nation’s overall economy is measured by the percent rate in Gross Domestic Product (GDP), which is the value of total productions produced by an economy in a given year. In this case, Australia is generally …show more content…
Environmental sustainability is the maintenance of renewable resource, pollution creation and non-renewable resource depletion that contribute to the quality of environment on a long-term basis. The environmental performance index ranked Australia 3rd whereas China is far behind on the list, being ranked 188th out of 195 countries. China being ranked heavily low is due to the massive produce of carbon dioxide emissions and pollution from factories, which can eventually reduce the production of inputs into the natural environment, and thus represents waste and inefficiency. China does not have an effective energy distribution which results in blackouts due to the overwhelming demand for energy. Hence, the Chinese residents are constantly facing environmental issues such a pollution, blackout, electricity shortage, but the Government is trying to resolve the issues and becoming more environmentally friendly. Australia on the other hand has a very effective power distribution with extremely less blackouts and a 24-hour assistance in case of any emergencies. Therefore, Australia is more capable of maintaining an environmentally efficient economic system than …show more content…
The effectiveness of labour and entrepreneurial resources can be measured by unemployment rate, which refers to the number or proportion of unemployed people and is calculated by dividing the total number of unemployed by the total labour force. As evident in the graph below, Australia experienced a slight fall from 2010 to 2013 in unemployment rate, but in 2014 it managed to revise upwardly. Considering an average rate of 6.88% of Australia’s unemployment rate, China averaged a 4.11% which depicts the difference of China and Australia in terms of unemployment. Australia having a higher unemployment rate can be a negative factor as this resulted Australia in encountering an unbalanced distribution of its labour forces among the three sectors, with 75% employed in the tertiary sector, such as tourism, trade and transport. In contrast, 21.1% is employed in the secondary sector, such as manufacturing, while primary sector like farming and mining only obtains 3.6% of the Australian workforce. However, China has a much more even distribution of its labour force, with 36.7% in the primary sector, 28.7% in the secondary sector and 34.6% in the tertiary sector. Thus, a lack of employability, otherwise known as unemployment can affect the productivity of labour force, which can eventually impact a country’s standard of