Economics

Australia is a tenuous open deliverance situated in the South Pacific with a population of 20.3m in 2005 and a land area of some 7,741 square kilometres. Australia is a subaltern opened rescue. In contrast to Australia, Indonesia with a population of 217.4m kin in 2003 is a large open delivery primed(p) on both sides of the Equator to the north of Australia. Indonesia and Australia have noteable contrasting economies. These differences commode be explored through economic growth factors, such as earn Domestic Production (gross domestic product) and employment rates as well as economic development factors such as quality of life and division of labour. Government also has a distinct portion when comparing each countries economy. Australia is classified by the World Bank as an advanced developed economy because its GDP was US$589.1b in Purchasing Power space-reflection proportionality (uvulopalatopharyngoplasty) terms in 2003 and per capita income was US$29,632 per an num. This ranked Australia 10th highest in the world in terms of per capita income. In contrast, Indonesia is classified by the World Bank as a developing economy. in spite of a GDP of US$721.5b in palatopharyngoplasty terms in 2003 its per capita income was a low US$3,361 in PPP terms, ranking it 110th in the world. Australia has a bigger economy than Indonesia in terms of nominal GDP. In 2003 Australias GDP was US$522.4b.

This places Australia as the thirteenth largest economy in the world. The annual average rate of GDP per capita growth amongst 1990 and 2003 was 2.6%. In contrast, Indonesia had a nomainal GDP of US$ 208.3b in 2003 and was ranked twenty-fifth i! n the world in terms of economic size. The one-year growth rate in GDP per capita was 2% amid 1990 and 2003. Australia and Indoneasia are both characterized as mixed market economies, which histrionics that though most economic decisions are made by the private sector, the government also plays a significant power in stabilising and maintaining the economy General government pulmonary tuberculosis accounts for 18% of GDP in Australia but only(prenominal) 8% of GDP in...If you want to get a honorable essay, edict it on our website: OrderCustomPaper.com

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