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HI5003 Economics For Business Assessments

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Question:

Choose a topic from Micro economics that matters to you and find a recent news article covering that topic. Following are some of the topics from where students need to choose ONLY one topic:
 
Monopolies, Duopoly and Oligopolies in Australia
Demand and supply of certain resources in Australia
Costs of production in manufacturing industry in Australia
Reforms in Education, Meat, Agriculture and Tourism
 
Industries in Australia. Choose ONLY ONE industry out of this list.
PL see the additional guidelines provided for this assignment.
 
Evaluate the article using Economic concepts. You should include
 
The essence of the story (1 to 2 paragraphs): Introduce the issue, who is interested in it and why.
 
Explain how you can present the issue in terms of economic concepts and theories you have learnt in class.
Explain what actions you would recommend to the key players and/or policy holders.
 
Explain how the above analysis supports your conclusion.
 
 

Answer:

Introduction:

Demand and supply are two important tools of economic analysis that aids to describe the economic performance of an economy (Ahlgren, 2015). With the help of these tools, this essay is going to analyze the mining industry of Australia. In order to assess the economic performance of the Australian mining industry a latest newspaper report has been chosen, which was published in the ABC news with heading of “Next mining boom in Australia will be driven by tech metals for renewable energy and technologies” few months back. The report argues that the Australian mining industry has been facing boom in its mining industry again after 2006 and if the trend continues, then Australian mining industry will become the world market leader in the industry (McHugh, 2018).

Australia is one of the countries that have highest amount mineral ores (Wiedmann et al., 2015). Due to rise in mining industry demand, the industry has grown rapidly until 2006. However, it faced slug during the recession of 2008. The newspaper report portrays that Australian mining industry enjoys 2.2% of the total produce of world mining industry and with rise in demand of tech-metals from the Australian mines; it is going to face high demand in world market (McHugh, 2018). The report also argues that higher demand in the Australian minerals will enhance the employment state of the country and lead the Australian economy towards a sustainable economy.

Australian mining industry was facing growth since 2003, when there was demand of the Australian minerals in the world market (Dobele et al., 2014). However, with rise in world economy turmoil, the growth rate started to decrease during 2008 and since 2013, there was an initiation of boom again. This could have been good news for the Australian economy, however, the economy has failed to attain desired level of profit and output due to lack of skilled labors (Zwar et al.,2017). This has affected the mining industry stakeholders and it has constrained the growth of the economy too.

Economic interpretation of the case:

Demand and supply are two micro economic tools that aid to describe the market scenario of an economy. The early economists have introduced these basic tools, Alfred Marshall, through the book ‘Principles of Economics By the theory of supply and demand, market equilibrium condition can be attained, considering both the supply side factors and the demand side factors (Canto, Joines & Laffer, 2014). According to the economic theories, demand refers to the quantity of goods, which is desired by the consumers; whereas supply denotes amount of good produced by the producers. Price is one of the main factors that can alter the demand and supply. Depending upon the price elasticity of a good, demand and supply shocks comes into existence and aids to manipulate the overall market situation (Kachlami, Yazdanfar & Ohman, 2017).

According to the Alfred Marshal, demand has a negative relation with price, which can be seen from the figure 1. With rise in rice, there is fall in demand and incase of any fall in price the demand starts to increase. According to economic theories, there is a positive relation between the price and the supply of the products. In other words, if there is rise in price, then the supply will also increase and a fall in price will be depicted by a decrease in the supply too. Figure 3 and 4, depicts the change in demand and supply respectively due to change in price. The changes will continue in the demand and supply, until it reaches to the equilibrium situation as mentioned.

 

Demand and supply of mining resource in Australia:

Mining is one of the main source of Australian GDP. Sccording to the statistics of 2008, mining contributed almost 54% of the total Australian GDP and it was the major source of employment in the country. Back then, the country was exporting almost $139 billion minerals to the world market (Bakker & Shepherd, 2017). However, if the situation prior to 2003 can be considered, then it can be seen that Australian economy was not that productive due to lack of infrastructure and lack of skilled labors. Post 2003, until 2008, there was boom in Australian mining industry due to rise in demand for their mining goods in the world market aided by the higher growth in infrastructure and skill enhancement program for the labors. Presently Australian economy is facing same kind of growth in their mining industry, due to rise in production of tech metals (Moffat & Zhang, 2014). Demand elasticity o the mining goods are high, that has been aiding the mining industry to gather higher price for their production.

From the above analysis, it has been seen that mining of Australia is an important sector that contributes to the country’s GDP significantly. However, the analysis portrays that lack of skilled labor is major problem that has constrained the growth of Australian mining industry and let it fail to grab the opportunity. Thus for the Australian economy, it would be better to introduce skill enhancement programs for their labor and develop authorities to look into the employment of the labors in the mining industry in order to maintain industry benchmark.

Conclusion:

Mining industry in Australia is one of the major employment and GDP generating sector for Australia. With ever-rising demand for tech metals in the world economy, Australian mining industry is yet to face another boom. Demand of the Australian mining products are rising worldwide, however the report has found that lack of skill among the labors has constrained the growth. Thus, the report has mentioned few recommendations, using which Australian economy can return to a situation like 2003.

 

Reference:

Ahlgren, E. O. (2015). Demand load curves–an important tool for assessment of PV deployment success. 3rd Southern African Solar Energy Conference, South Africa, 11-13 May, 2015.

Bakker, R. M., & Shepherd, D. A. (2017). Pull the plug or take the plunge: Multiple opportunities and the speed of venturing decisions in the Australian mining industry. Academy of Management Journal, 60(1), 130-155.

Canto, V. A., Joines, D. H., & Laffer, A. B. (2014). Foundations of supply-side economics: Theory and evidence. Academic Press.

Dobele, A.R., Westberg, K., Steel, M. and Flowers, K., 2014. An examination of corporate social responsibility implementation and stakeholder engagement: A case study in the Australian mining industry. Business Strategy and the Environment, 23(3), pp.145-159.

Kachlami, H. M., Yazdanfar, D., & Öhman, P. (2017). Regional demand and supply factors of social entrepreneurship. International Journal of Entrepreneurial Behaviour & Research.

McHugh, B. (2018). Why the next mining boom will be driven by tech metals. ABC Rural. Retrieved 19 January 2018, from https://www.abc.net.au/news/rural/2017-04-17/next-mining-boom-in-australia-is-tech-metals/8443172

Moffat, K., & Zhang, A. (2014). The paths to social licence to operate: An integrative model explaining community acceptance of mining. Resources Policy, 39, 61-70.

Wiedmann, T. O., Schandl, H., Lenzen, M., Moran, D., Suh, S., West, J., & Kanemoto, K. (2015). The material footprint of nations. Proceedings of the National Academy of Sciences, 112(20), 6271-6276.

Zwar, N., Dennis, S., Griffiths, R., Perkins, D., May, J., Hasan, I., ... & Caplan, G. (2017). Optimising skill-mix in the primary health care workforce for the care of older Australians: A systematic review.

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