The Micro Economy Of Australia - 922 Words

Microeconomic study deals with what choices people make, what factors influence their choices and how their decisions affect the goods markets by affecting the price, the supply and demand. In particular, microeconomics emphasis on patterns of supply and demand and the resolution of price and output in individual markets (e.g. coffee industry). The Micro economy of Australia is one of the largest mixed market economies in the world, with a GDP of US$1.525 trillion as of 2014.Australia s total wealth is 6.4 trillion dollars. In 2012, it was the 12th largest national economy by nominal GDP about 1.7% of the world economy. Australia is the 19th-largest importer and 19th-largest exporter. The Reserve Bank of Australia publishes forecasts of†¦show more content†¦Education is Australia’s second largest services export sector, further on tourism, and became the third largest export overall, contributing $17.2 billion in export income to the economy in 2008-09, an increase of 23.2 percent from the previous financial year. Growth of Online Education: Online Education has advanced remarkable over the past five years. Supporting this growth is the intake of broadband Internet services, technological developments, growing adoption of education convey via the Internet, and a new approach to distance education. Australia’s International Student Market Will Continue to be dominated by a Small Number of Markets: Four markets will represent 61% of all international student enrollments in Australian higher education by 2025. The Australian university system has the passion and capacity to provide 268,156 international student places on campus in Australia by 2025. Demand will overreach supply in 2020, and by 2025 there will be a shortfall of 22,692 international places on projected demand of 290.848. Recent developments in the international education industry are extraordinary in three respects. First, international student mobility has more than enlarge in the last two decades or so. Second, program mobility encompassing distance education has also led to new forms of cross-border education. Third, institution mobility through such commercial deals as franchises and twinning