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Question:

Write about the Business Statistics for Economics.

 

Answer:

Introduction

It can be noticed that there are numerous ways by which either grow or else de grow. However, there are diverse elements that are accountable for the same and the two majorly effecting components are essentially the exports as well as imports. In essence, exports essentially refers to the process of delivering our products to the purchasers and imports refers to reception of the products. However, to put it in simple words, export reflects independence as well as profits of any nation or else business. Nevertheless, imports don’t reflect losses or else dependency and they portray the interests of the entire base of customers and inspire to develop different novel possibilities of particularly in house production of the specific product or else category of products (Newbold et al., 2012).

Statistics

Statistics are fundamentally in favour and there are several reasons of the same that influences the market and helps in earning the surplus of around 1.3 billion. As per the statistical information, exports have decreased by around 3% and the imports have increased by approximately 4% during January that led to the significant average reduction of 2.1 billion in a month of the Australian trade. This also reflects the fact that there are several products in Australian trading sector for which demand does not equalise with the supply. Again, there exists one additional side of the coin, by itself, there are corporations that cannot provide different in house substitutes of various imported products (Siegel, 2016). Furthermore, there are also certain concealed aspects and taxation on generated revenues also differs from one category to another. There are several in house corporations that can share the overall gains by means of pay outs of dividends. This can be considered to be huge windfall for the corporations as well as the governing bodies. Nevertheless, if an extremely taxed group is generating revenue despite making high profits, it might possibly not generate growth in a way a low taxed category might have done (Freed et al., 2014).

Decrease in Exports

The most important items of any trade industry are the coal, iron ore, silver as well as metals. In essence, there is undeniably nothing in the entire world that might perhaps remain unaffected at the time when these sectors alter the behaviour (Anderson et al., 2016). As such, January can be regarded to be a month of surprises for specifically non-monetary gold as it reflected a de growth of around 39%. This result can be considered to be a decisive component of the Australian market. Again, exports of iron ore were also low and the ill effects were also slightly neutralized by necessarily the goods industry of the rural areas (Rhodes, 2014). Essentially, the rural goods industry was also generating high numbers for over the period of three months that helped in balancing the trading market growth chart. Again, service exports also performed well during the month of January and this was backed by a descent growth of around 1%. Essentially, there are also numerous factors that are behind these striking numbers. As such, the iron ore along with the gold industries can be considered to be the ones that can contribute towards the enhanced numbers in case of apposite production as well as purification of metals. However, there are losses that reflects that the coal business lacks when considered from the perspective of quality or else rate of utilization of production units, manpower, extraction of resources and many others.

 

Increase in Imports

In particular, analysis of the graph reveals the fact that there are different wide categories that can reflect an inflating import (DAVID, 2014). However, category of consumer goods replicates a percentage increase of around 7%. Again, capital goods were increased by approximately 3.2% during the month of particularly January and approximately 13.6% over the entire period. In addition to this, intermediate goods also increased roughly 3.8%. Essentially, these can be regarded as the goods that industries can utilize as a production components. This is the way the entire trade market statistics are and there are numerous productions that are essentially performing well.

Significance of Commodities Investments

It can be hereby mentioned that nowadays the world concentrates more on banking as well as monetary investment. Nevertheless, amount of financial investment necessarily relies upon the overall production of different bugs as well small businesses. It is important remember in this case that investment in commodities points out towards investment in production. In itself, it is the production that functions well with the investment in different commodities. Analysis reveals the fact that production that generates revenue to make it certain that banking sector receives finances for making investment. In particular, this can be considered to be how profitable investment in commodities can be made (Fuller, 2014). In addition to this, there are also several categories as well as available investment alternatives that can be taken into consideration. This alternative investment avenues if explained properly can help in attraction of several financiers. However, investment in commodities can also encourage corporations to go for further business expansions. This in turn can lead to augmented profits as well as higher production than the amount of imports.

Probable Solutions

In particular, there is no established pace of growth of the market as well as any predetermined formula for attainment of the growth (Anderson et al., 2014). However, there are ways to correct the rate of the growth. Firstly, in case when a particular corporation imports certain basic consumer goods, this necessarily replicates two different optimistic market factors. One of the factors is that the nation has adequate financial soundness to afford the same. In addition to this, there is also escalating demand of the identical products. However, since these are essentially basic consumer goods, these can be manufactured easily within a particular nation. Again, there are certain basic consumer goods that can manufacture within a particular nation. This can also increase the overall production ratio in the nation and provide new ways of augmented employment that leads to higher percentage of disposal income in essentially market of trading (Carter, 2016). This is a way in which a specific secure market can be organized. Evaluating the trends in the market and augmenting the production percentage can be regarded to be important. Essentially, import of capital goods at certain points of time can be considered to be a necessity. Necessarily, this fact rationalises the genuine imports by different corporations. Especially, iron ore as well as coal mining can be considered to be linked. Again, inadequate export of products also represents the fact that there are several issues concerning the resource utilization. However, proper utilization of commodity trade can be carried out by augmenting marketing of different investment plans of commodities (Yau, 2013). Essentially, this can assist in making residents more conscious concerning investment. This in turn can help in encouraging investors to make investments in commodity trade. However, there are several ways in which a professional can gain by investing in the commodity trade. Essentially, inclusion of certain novel schemes in the commodity investment can prove to be very inspiring.

Conclusion

In conclusion, it can said that there are several positive symbols presented in the figures. As such, increase in imports clearly replicates the fact that the market is ready for expansion. In addition to this, there are also several ways in which trading in commodity can help in making contributions. Nevertheless, the investment market also needs to make it certain that they are working with the right clientele. In addition to this, it is important to carry out a detailed analysis of different import goods for particularly basic consumer goods and establishment of different in-house businesses.

 

References

Anderson, D. R., Sweeney, D. J., Williams, T. A., Camm, J. D., & Cochran, J. J. (2016). Statistics for business & economics. Nelson Education.

Anderson, D. R., Sweeney, D. J., Williams, T. A., Camm, J. D., & Cochran, J. J. (2014). Essentials of statistics for business and economics. Cengage Learning.

Carter, P. (2016). Data Analysis in Business: Statistics for a Brave New World. Tilde University Press.

DAVID, F. G. (2014). Business Statistics: a decision-making approach. PEARSON.

Freed, N., Bergquist, T., & Jones, S. (2014). Understanding business statistics. John Wiley & Sons.

Fuller, J. E. (2014). Understanding the Quantitative Skill Base on Introductory Statistics: A Case Study from Business Statistics. In Topics from Australian Conferences on Teaching Statistics (pp. 211-222). Springer New York.

Jaggia, S., Kelly, A., Beg, A. B. M., Leighton, C., Olaru, D., Salzman, S., & Sriananthakumar, S. (2016). Essentials of business statistics: communicating with numbers. McGraw-Hill Education.

Newbold, P., Carlson, W., & Thorne, B. (2012). Statistics for business and economics. Pearson.

Rhodes, C. (2014). Business Statistics–Economic Policy & Statistics. SN/EP/6152, House of Commons Library. Accessed December 15, 2014. https://www. parliament. uk/briefing-papers/sn06152. pdf.

Siegel, A., (2016). Practical business statistics. Academic Press.

Yau, N. (2013). Data points: Visualization that means something. John Wiley & Sons.

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