James Ruse Agricultural High School
Economics ? Preliminary Course 2006
Assessment Task ? Group Research
TOPIC: A comparison of the Australian economy with one other economy.
Question 1
Size and structure of the economy, including:
? GDP,
? GDP per capita,
? Relative importance of primary, secondary and tertiary sectors,
? Role of government in the economy, including provision of health care, education and welfare payments,
? Openness (to both trade and financial flows).
Japan and Australia represent two developed economies; in 2005 Japan had the 4th highest GDP (PPP ) in the world ($3.867 trillion), and Australia ranking 18 ($642.7 billion). Although Japan's entire GDP is significantly higher, Australia's per capita GDP score is better.
Japan Australia
GDP (purchasing power parity) $3 867 000 000 000
or ($3.867 trillion) $642 700 000 000
or ($642.7 billion)
GDP (official exchange rate) $4 955 000 000 000
or ($4.955 trillion) $649 900 000 000
or ($649.9 billion)
GDP (real growth rate) 2.1% 2.7%
GDP (per capita)
(purchasing power parity) $30 400 $32 000
GDP (composition by sector)
Primary
Secondary
Tertiary
4.0%
26.4%
69.6%
1.3%
25.3%
73.5%
Figure 1: GDP comparison of Japan and Australia
(Source: CIA World Fact book 2006)
?Agriculture and mining played a significant role ...