Economics Essay

Submitted By toneey
Words: 842
Pages: 4
Open Document
Eco assignment
China is undoubtedly one of the strongest and unique economies of the world, ranking 2nd in, being the fastest growing economy in the world playing a large global role for all economies ., many societal and economic factors and aspects such as the Chinese government and society contribute to the Chinese economy. Australia is a quick growing economy. China and Australia’s economies are both very impactful and large economies. As of 20
China and Australia’s economic systems are structured completely differently. China operates with a unique ‘socialism with Chinese characteristics’, a modified version of a planned economy while Australia operates with a market economy. Originally through China’s planned market system, the Chinese government had full control over a large amount of economic production, distribution and exchange decisions made within their market. Around the 1950’s under this planned system state-owned enterprises represented 77.6 percent of China’s economy. After decades of experiencing low rates of economic growth limited growth the Chinese government overhauled their planned market system in 1978 and implemented China’s current economic system. The Chinese Economic Reform is translated as “Change, Reform, Open up” which is what the new system did. After the reform, Chinese market transformed to a more public, open based economy, with the government controlling less of China’s economic decisions and allowing overseas investments.
China’s economy is primarily industry and services based and away from agriculture, together forming 90.3% of China’s GDP as of 2013. High production due to the high labour force. Australia more service based

The Chinese government opened up potential the Chinese economy declined. Many of these incredibly significant and impactful economic decisions made are predetermined by the Chinese government’s ‘five-year plans’. To create each five-year plan, many people work together, factoring and accounting for changes that will help boost the Chinese economy. .After the reform, Chinese market transformed to a slightly more public, open based economy, with the government controlling less of China’s economic decisions opened up privatisation and state owned. China was market freedom was very limited and Originally 48% were state owned enterprises 1970s steered to market based .Second plan 1958-1962 Expanding heavy industry in China through Great Leap Forward which diverted millions of agricultural workers into industry. and Australia’s economy is more consumer orientated than China’s

These plans are created by a group of Party members plan and improve on old five year plans; this plays a large role in the success of china’s economy what products to produce, what is produced and how products are distributed in the market. The market freedom is limited but succinct economic choices by governmentwq
Difference between China’s system and australia’s is china can make artificial decisions, less reliant on consumers. Australia more natural growth This limits market freedom. Ranked second largest economy on nominal … world’s demand for china’s resourcesFive year plan
Australia’s economic structure is entirely different from China’s economy. This resulted in many different economic factors such as: different economic growth in the two nations.
China and Australia’s economies grow at high rates, both ranking in the top 10 of GDP (Gross Domestic Product) gain per annum. As of 2012, China was ranked the world’s fastest growing economy based on GDP gain. The Chinese GDP increases at averages of 8% per annum while making China the world’s fastest growing economy while
Show More

Related Documents: Economics Essay

Economics: Economic Majors And Departments

ECONOMICS MAJORS AND MINORS Economics is considered one of the most flexible of all the potential fields of undergraduate study. A major in economics can be pursued either through the College of Arts and Sciences (BA) or the Boler School of Business (B.S). BA in economics can be easily combined with a minor or concentration in some other area of study. STUDENT ORGANIZATIONS The Economics Association – student organized and managed association with…

Words 579 - Pages 3

Economic Growth And Economic Factors

Economic Factors Factors Businesses are affected by the economy An economy describes how a country spends its money This is determined by 5 factors Economic Economic Growth Growth Exchange Exchange Rates Rates Inflation Inflation Economic Economic Factors Factors Balance Balanceof of Payments Payments Unemployment Unemployment © Business Studies Online: Slide 1 Economic Growth Growth This measures how much extra an economy has produced this year compared to last year The total amount produced in an economy is called:…

Words 832 - Pages 4

Economics: Economics and Principle Essay

the most a car to get around or a house to live in with your family. This principle also would be where you would decide in the house what you need or you do not. The next principle would be six which is Markets Are Usually a Good Way to Organize Economic Activity. I believe that this one would be important also because when you buy a house you would have to decide the market and where you want to live if deciding to get loans you would have to decide how to pay them off over the years. The last…

Words 339 - Pages 2

Heterodox Economics And The History Of Economic Thought

Heterodox economics and the history of economic thought Carlo D’Ippoliti and Alessandro Roncaglia This is probably all one can ask of history, and of the history of ideas in particular: not to resolve issues, but to raise the level of the debate. (Hirschman 1977, 135) The declining role of the history of economic thought (HET) in university research and teaching has been increasingly under debate. Many historians often recall the relationship between HET and heterodox economics (HEC), considering…

Words 8158 - Pages 33

Economics: Economics and Comparative Advantage Essay

to metropolitan economies, then expanding the scope of production either ”downstream” to include processing or upstream to include the inputs needed for producing the resources. Some argue that exportation of raw materials can trigger sustainable economic growth – while others argue that reliance on commodity export can constitute a development trap. The staples model is any model that incorporates the important assumptions of the staples thesis into it. 5) Absolute advantage: When one producer…

Words 2451 - Pages 10

Difference Between Economic And Economic Power

Ralu Nwosu Civic and Economics Mr. Manriquez 9/22/13 How should political and economical power be distributed in a society. Economic power should be held by those who have earned it. Political power should be held by elected officials who are responsible to their constituents. Since we have power is divided in our society most of the power is in our politicians we trust in and give our votes to. But when it comes to economical, some of the richest people in society share it too,…

Words 348 - Pages 2

Economics and Recession Economic Theories Essay

studies broader issues of the whole nation such as inflation, unemployment and national output (GDP) * Government uses monetary and fiscal policy to * Smooth out fluctuations in our business cycle * To help us get out of recession Economic theories and models * Shows complex relationships in a simple way * Do it through the use of graphs and equations * It’s the simplest and most effective way to show and demonstrate data and complex ideas * Use simplified models to…

Words 756 - Pages 4

Economics: Economics and Pure Competition Essay

and Pure Monopoly, which has differentiating characteristics; however, the main focuses during Microeconomics was the comparison and contrast of Pure Competition and Pure Monopoly. Some of these unique characteristics identify why monopolist earns economic profits, why the demand curves are different in relation to price, and lastly, why productive efficiency and allocative efficiency is satisfied with pure competition and not pure monopoly (McConnell). Pure Competition versus Monopoly characteristics…

Words 776 - Pages 4

Economics and Financial Economics Course Essay

another, successfully applied their logical and analytical capability to the study of economics at university and higher level to build up a sound career as well as contribute to the development of the economy. Such stories inspired me to pursue a bachelor degree in banking and finance rather than become a scientist. At university, I studied a number of interesting subjects relating to mathematics, economics and finance. With strong background in mathematics and IT, together with a scientific and…

Words 1038 - Pages 5

Economics and Overall Economic Growth Essay

The economic state of the country and consumer confidence can help the growth and development or harm it. “In recessionary times, consumers begin limiting their purchases to the essentials, foregoing luxury or big-ticket items. Companies also scale back production, hiring and the development of new products and services to ensure that their finances can weather the storm. In periods of overall economic growth, these companies once again expand”. (Mohr, 2014) The opposite is true in businesses that…

Words 468 - Pages 2