Historically, mining has been a crucial part of the UP economy. Without mining, today's economy would look very different in the areas of education, healthcare, etc. The land and climate are not very suitable for agriculture because of the long harsh winters. So when the UP had its first settlers, they most likely relied on logging, mining, and tourism (because of the beautiful beaches and terrain) for survival and eventually, to build capital and use the Upper Peninsula’s many break-in-transport’s as a spot for trading. Early settlers likely had to rely heavily on trade to get food/agriculture that they could not grow like wheat. So without mining, early settlers might not have had enough natural resources to provide sustainable living. Mining has shaped and affected the UP economy both directly and indirectly. Mining brings employment, government revenues, and opportunities for economic growth. Mining produces minerals that people put a high value on, and like #9 on the ‘Twelve Key Elements of Economics’, producing goods and services that people value, not just jobs, provides the source of high living standards here in the UP. Living standards cannot increase without an increase in the availability of goods and services that people value. The UP might see an increase in the amount of mining in the immediate future because of a severance tax policy just signed a month ago by Governor Snyder that is going to help new mining operations as the bill says that they will no longer pay taxes until they start extracting minerals. Also, the new law places a tax of 2.75% on minerals like copper and nickel that will be collected by local units of government with 65% of the revenue for counties, townships, and school districts. 35% will go to rural development to support long-term economic development. So to this day, there is evidence that mining always has been and still is improving our…
In Australia, the per capita income is $54,708 and the tax rates are 23 percent. Although Australia ranks 5th as having the highest salaries, the country is full of expensive things. Entertainment and restaurants are one of the most costly goods in the country. Australia needs to improve their exchange rate due to the fact that if an Australian Citizen lives the country and enters a different country, citizens won’t get much money from that currency due to the fact that Australia’s currency is poor. In order to boost up the economy and exchange rate, Australia needs to do 8 crucial things. Such as selling foreign exchange assets and buying their own currency, higher interest rates, inflation rates, regulate terms of trade, improve political…
There was a massive demand of natural recourses from these developing countries hence encouraging export of minerals on large scale. This sudden boom in export contributed in development of Australian economy.…
“COOBER Pedy's colourful opal mining industry is falling victim to the state's mining boom”. [ABSTRACT FROM PUBLISHER], viewed in 10 august 2012, <http://web.ebscohost.com/ehost/detail?vid=3&hid=125&sid=bd0f4262-c765-4e52-b405-3b86c70d60ac%40sessionmgr112&bdata=JkF1dGhUeXBlPWNvb2tpZSxpcCx1cmwsY3BpZCZjdXN0aWQ9czEyNDE5NzEmc2l0ZT1laG9zdC1saXZl#db=anh&AN=201206091017391615>…
References: 3. Nigel Garrow and Tom Valentine, 2012, The Role of Mining in the Australian Economy, Contemporary Issues in Mining, Palgrave Macmillan…
* It outlines how some Australians are only satisfied when their pay exceeds the average…
The gold rushes in the second half of the 19th century would completely change the way Australia would look at its self and how other nations and people would look at it. Before 1851, Australia’s combined recorded white population was approximately 77,000. Most of these where convicts, slaved and war captives who had been inhabiting Australia for the past 70 years.…
Major problem relying on agricultural and mineral exports – volatile world prices for those commodities. Fluctuations in prices can often be extreme…
Australia and China adopt very different economic systems in order to cater the best for their society. However, Australia's economic system is more successful than China's and, due to the writer's right-wing value system, will be measured in terms of environmental efficiency, labour and entrepreneurial resource efficiency and the standard of living.…
Australia has several ties with other countries. These ties are established in several ways, one of which is through trade. The nature of trade includes exporting and importing goods and services which form trade links with partner countries. Trade comes with its advantages and disadvantages. Australia also takes part in multilateral agreements, such as APEC, to be able to strengthen trade links.…
This is a report on the positives and negatives of uranium mining in Australia, to gain a deeper understand of Australia’s mining industry. Also to gain a understanding of what effects uranium mining can have on the people of Australia and to see what benefits it could have on Australia as a part of the world wide community.…
The Industrial Revolution had a great impact on not only Great Britain, but Australia as well. Wool, wheat and mining where just a few of the things that Australia provided during the 1800s.…
Review the relative importance of the floating exchange rate and fiscal policy on the Australian Economy in the past twenty-(20) years.…
Australia was often described as a ‘workers’ paradise’. Skilled workers were well paid and had good working conditions compared to Europe, America or Britain. However, unskilled workers usually worked in factories in harmful conditions for long hours and minimum wages. Many people would get health problems working in these poor and unsanitary conditions. Women that worked received much lower wages than men even if the women are skilled. Social classes’ wages depended on how skilled or unskilled the person was.…
As the inequality in Australia’s income and wealth increases, not only are there disadvantages but there are also some advantages associated with it.…