Business
Gross Domestic Product is one of the primary figures utilized to determine the overall health and viability of a particular countries’ economy. It is a monetary value placed on all of a countries goods and services within a year time period.
The Human Development Index is another figure utilized to determine the health and well being of the inhabitants of a country. Education, life expectancy and income are all evaluated in the HDI.
Utilizing the GDP and HDI we are able to compare and contrast the economies of different countries. For this project our group chose to analyze the current economic states of the industrialized country of Australia and the developing country of Sri Lanka.
Australia was our first choice, as a group we decided it was somewhere we were all familiar with, but had little knowledge of the economy, government or current market situations. We thought the idea of comparing a developing island nation with the established economy of Australia would lead to many interesting discoveries and decided Sri Lanka was a good choice.
Australia-
Australia was declared a nation in 1901, thousands of years after European explorers went to war with the inhabitants of this nation over the resources found on this island. Some of these desired natural resources such as; iron ore, coal briquettes, gold, petroleum gas, and crude petroleum are to this day Australia’s main exports. (atlas.media.mit.edu).
Australia’s land covers 7.69 million square kilometers and is surrounded by the Indian and Pacific Oceans. Australia has three levels of government, the federal of Australian Government, the governments of the six state and two territories, and around 700 local government authorities (Australia.com, 2014). Queen Elizabeth II of the United Kingdom is the head of all of the branches or levels of Governemtne. She appoints the Governor – General of Australia as her representative (Australia.com, 2014). Australia is rich in culture, language,
The Human Development Index is another figure utilized to determine the health and well being of the inhabitants of a country. Education, life expectancy and income are all evaluated in the HDI.
Utilizing the GDP and HDI we are able to compare and contrast the economies of different countries. For this project our group chose to analyze the current economic states of the industrialized country of Australia and the developing country of Sri Lanka.
Australia was our first choice, as a group we decided it was somewhere we were all familiar with, but had little knowledge of the economy, government or current market situations. We thought the idea of comparing a developing island nation with the established economy of Australia would lead to many interesting discoveries and decided Sri Lanka was a good choice.
Australia-
Australia was declared a nation in 1901, thousands of years after European explorers went to war with the inhabitants of this nation over the resources found on this island. Some of these desired natural resources such as; iron ore, coal briquettes, gold, petroleum gas, and crude petroleum are to this day Australia’s main exports. (atlas.media.mit.edu).
Australia’s land covers 7.69 million square kilometers and is surrounded by the Indian and Pacific Oceans. Australia has three levels of government, the federal of Australian Government, the governments of the six state and two territories, and around 700 local government authorities (Australia.com, 2014). Queen Elizabeth II of the United Kingdom is the head of all of the branches or levels of Governemtne. She appoints the Governor – General of Australia as her representative (Australia.com, 2014). Australia is rich in culture, language,
References: 2014 Australia Military Strength. (n.d.). Australia Military Strength. Retrieved June 19, 2014, from http://www.globalfirepower.com/country-military-strength-detail.asp?country_id=australia Australia Cities, States and Territories. (n.d.). Australia 's. Retrieved June 19, 2014, from http://www.australia.com/about/key-facts/cities-states-territories.aspx Economy of Sri Lanka Global Property Guide. (n.d.). Global Property Guide. Retrieved June 4, 2014, from http://www.globalpropertyguide.com/Pacific/Australia/gdp-per-capita-growth-5-yea Indicators Military expenditure (% of GDP). (n.d.). Data. Retrieved June 4, 2014, from http://data.worldbank.org/indicator/MS.MIL.XPND.GD.ZS Observatory of Economic Complexity Poke, J., & Wells, G. (2009). The Term Spread and GDP Growth in Australia. Economic Record, 85(269), 121-131. doi:10.1111/j.1475-4932.2009.00546.x RAICU, G., STANCA, C., & RAICU, A Sri Lanka GDP. (n.d.). TRADING ECONOMICS. Retrieved June 4, 2014, from http://www.tradingeconomics.com/sri-lanka/gdp