Good morning fellow students and Mr Mackenzie.
Today we will be going through the topic: economies, looking at the similarities and differences of the economies of two countries - Australia and China. We will be going through these main areas: economic growth, employment and unemployment, quality of life and standards of living, and the Government role in managing the economy.
When comparing the Australian economy and the Chinese economy, we can see that they are very diverse, but in many ways very similar.
Firstly, Australia and China are very different economies. The Australian economy is classed as a developed economy where as China is classed as a newly industrialised economy. They both contain a very different economic system in order to provide the best for their own country.
The basic economic problem for any country is that resources are limited, while wants are endless. This means that countries have to choose what to produce, how to produce, how much to produce and how to distribute, in the most resourceful and fair way possible.
Australia and China both take different methods to solve this economic problem, even though both can be classed as a mixed economy. Australia faces this problem from the prospective of what is best for the individual, where as China believes in doing what is best for the country.
China opened and has been reforming their economy since 1979 and has managed a high economic growth rate. Since 1978 the Chinese leadership has taken a more sensible perspective on many political and socioeconomic problems, and has reduced the role of philosophy in economic policies. Chinese economic transformation over the last 30 years has impacted not just China but also the world. The market-oriented modifications China has implemented over the past decades have opened individual initiative and entrepreneurship.