Economics T1 Australia vs China economies (Economic growth and quality of…
Economics T1 Australia vs China economies
Economic growth and quality of life
Graph of GDP and Growth rate comparisons
China's economy is moving at a much greater speed than Australia's, --> due to the enormous increase in production and demand for the Chinese labor and goods in the last few decades. (statistics of growth speeds and GDP size here)
The enormous growth in the economy is most likely fabricated, accidentally creating false data, according to a 'Brookings institute' (data and graph here) --> explain why it is different --> economic growth is reported by provinces, which are rewarded for higher economic growth, leading to false claims by these provinces and cities. Affecting the bigger scale, which is incorrect and misleading data.
Quality of life index
China is a growing population, with resources not fully able to supply for the needs of the population, the rich will . prosper and survive.
Australian goods imported from china (cost)
Supports the theory that china is a booming industrial economy, specifically in the production of goods. However it will need a lot of natural resources to product these goods as it is a less technologically advanced state
Distribution of Income
Chinese income distribution statistics
Reasons--> enormous population, the rich get richer. Weak/poor agrarian economy, little/no support system for those who are poor or unwell, or are unable to provide to the economy
Australian income distribution statistics
Reasons --> highly industrialised population, with high quality of life, access to technology, basic access to human needs, high average income, government provides strong social benefits.
The role of government in healthcare, education and social welfare
Chart of population age.
Statistics of expenditure
Reasons --> Most population between 20-50, this means medical expenditure will currently be lower than future, but so is demand, the government is attempting to invest now in technologies that will fulfil the health demands/requirements of an ageing population
Australia's ageing population or 'baby boomers' are in need of medical care as they are becoming older and more unhealthy, needing more medical attention and support. for those who cannot afford privatised care, the government has to increase spending to care for their needs.
Increases in funding to education to increase access to technology, sporting equipment and changes to the syllabus to increase relevancy and skilled based learning
Employment and unemployment