Economics Assignment On Data Collection, Analysis, And Career Education

Part A: Data collection, presentation and analysis

Answer 1:

            The following table will show those countries, which have ranked the 6^th, 7^th, 8^th, 9^th and 10^th in terms of bilateral trade with Australia in 2014.

Table 1: Bilateral trading partners of Australia, in 2014Source: (Department of Foreign Affairs and Trade, 2018)            In the below table, the ranking of the previous countries in terms of Australia’s top exports destination will be shown for the year 2015.Table 2: Ranking of the previous countries as Australia’s top exports destination, 2015Source: (Department of Foreign Affairs and Trade, 2018)              The top ten exporting countries of Australia is shown in below table for the year 2016.Table 3: Top ten exporting countries of Australia, 2016Source: (Department of Foreign Affairs and Trade, 2018)             Figure 1: Annual GDP of Australia (2010, U.S.D)Source: (Fred.stlouisfed.org, 2018)Table 4: Annual GDP of Australia (2010, U.S.D)Source: (Fred.stlouisfed.org, 2018)             Figure 2: Annual GDP of New Zealand (2010, U.S.D)Source: (Fred.stlouisfed.org, 2018)Table 5: Annual GDP of New Zealand (2010, U.S.D)Source: (Fred.stlouisfed.org, 2018)              Answer 2:i)Gross Domestic Products (GDP) of Australia, New Zealand, India and Germany based on 2010 (U.S. Dollars), Annual, Not Seasonally Adjusted.Figure 3: Annual GDP of India (2010, U.S.D)Source: (Fred.stlouisfed.org, 2018) Table 6: Annual GDP of India (2010, U.S.D)Source: (Fred.stlouisfed.org, 2018)         Source: (Fred.stlouisfed.org, 2018) Table 7: Annual GDP of Germany (2010, U.S.D)Source: (Fred.stlouisfed.org, 2018)ii)Total central government debt of

Australia, New Zealand, India and Germany, total (% of GDP, Annual, Not Seasonally Adjusted)        Figure5: Total central government debt of Australia, total (% of GDP)Source: (Fred.stlouisfed.org, 2018)Table 8: Total central government debt of Australia, total (% of GDP)Source: (Fred.stlouisfed.org, 2018)            Figure6: Total central government debt of New Zealand, total (% of GDP)Source: (Fred.stlouisfed.org, 2018)Table 9: Total central government debt of New Zealand, total (% of GDP)Source: (Fred.stlouisfed.org, 2018)             Figure7: Total central government debt of India, total (% of GDP)Source: (Fred.stlouisfed.org, 2018) Table 10: Total central government debt of India, total (% of GDP)Source: (Fred.stlouisfed.org, 2018)           Figure8: Total central government debt of Germany, total (% of GDP)Source: (Fred.stlouisfed.org, 2018)Table 11: Total central government debt of Germany, total (% of GDP)Source: (Fred.stlouisfed.org, 2018)iii)Imports: Value Goods for Australia, New Zealand, India and Germany (Percent of GDP, Annual, Not Seasonally Adjusted);          Table 12: Imports: Value Goods for Australia (Percent of GDP)Source: (Fred.stlouisfed.org, 2018)          Figure10: Imports: Value Goods for New Zealand (Percent of GDP)Source: (Fred.stlouisfed.org, 2018)Table 13: Imports: Value Goods for New Zealand (Percent of GDP)Source: (Fred.stlouisfed.org, 2018)            Figure11: Imports: Value Goods for India (Percent of GDP)Source: (Fred.stlouisfed.org, 2018)Table 14: Imports: Value Goods for India (Percent of GDP)Source: (Fred.stlouisfed.org, 2018)            Figure12: Imports: Value Goods for Germany (Percent of GDP)Source: (Fred.stlouisfed.org, 2018)Table 15: Imports: Value Goods for Germany (Percent of GDP)Source: (Fred.stlouisfed.org, 2018)iv)Government Final Consumption of Australia, New Zealand, India and Germany (nominal, Annual, Not Seasonally Adjusted)           Figure13: Government Final Consumption of Australia based on 2010Source: (Fred.stlouisfed.org, 2018)Table 16: Government Final Consumption of Australia based on 2010Source: (Fred.stlouisfed.org, 2018)        Figure14: Government Final Consumption of New Zealand based on 2010Source: (Fred.stlouisfed.org, 2018)Table 17: Government Final Consumption of New Zealand based on 2010Source: (Fred.stlouisfed.org, 2018)         Figure15: Government Final Consumption of India based on 2010Source: (Fred.stlouisfed.org, 2018) Table 18: Government Final Consumption of India based on 2010Source: (Fred.stlouisfed.org, 2018)            Figure16: Government Final Consumption of Germany based on 2010Source: (Fred.stlouisfed.org, 2018) Table 19: Government Final Consumption of Germany based on 2010Source: (Fred.stlouisfed.org, 2018) Using above data, gross domestic product (GDP) and government final consumption of Australia, New Zealand, India and Germany will be described from the year 2000 to 2015. GDP of each country is measured on the basis of 2010 price level. Moreover, this report is based on annual data. But those are not seasonally adjusted. After analysing the whole data set, it can be seen that GDP of Australia, New Zealand and India are increasing continuously. GDP of New Zealand has also been increasing since 2000.

Part B: Short Answer Questions

However, GDP of Germany has been fluctuating since 2000. In 2003 and in 2009 the GDP of this country has decreased.On the other hand, government final consumption of Australia, New Zealand, India and Germany has also been measured, based on the 2010 price level. This final consumption level of Australia, New Zealand and India has been increasing at a continuous rate since 2010. However, this consumption level of Germany decreased in the year 2004.

But after that, this consumption level has been increasing continuously. From those collected data, it can be said that the economic condition of Australia, New Zealand and India are almost same. Each country has been facing similar economic conditions since 2000. As the GDP of those countries have been increasing continuously, the government have been increasing their consumption level as well. However, economic condition of Germany is quite different.

Its GDP and government expenditure have been fluctuated for the last few years. Moreover, it can be stated that the government of Australia, New Zealand and India have performed efficiently. Hence, they do not face any decline in GDP growth rate. However, due to external reason, the government of Germany could not perform efficiently. As a result, the country has faced some fluctuations within their economic system.Answer 3:The annual inflation rate of Australia using consumer prices (Not Seasonally Adjusted) is shown below.              Figure15: Annual inflationrate of Australia using consumer pricesSource: (Fred.stlouisfed.org, 2018)            Unemployment rate corresponding to Australian citizens aged 15 and over for the period 1980-2015 is shown below.          Figure 18: Unemployment rate of Australia (age 15 and above)Source: (Fred.stlouisfed.org, 2018) There is a relationship between inflation rate and unemployment level. Due to inflation, a country can face recession period and higher level of unemployment. That means inflation and unemployment rate of a country has inverse relationship.

However, this scenario cannot be seen in Australia (Argy and Nevile 2016). As inflation rate has been fluctuated since 1980, the unemployment rate of this country has also been changed. However, the change of direction for both inflation and unemployment rate is not equal. During 1980 to 1983, the level of inflation was low. On the other hand, the level of unemployment was also very low during this period. However, after 1984, the level of inflation has increased in Australia. But the level of unemployment rate was remained low. After 1990, again both inflation rate and unemployment rate of this country was increased.

Part C: Research on the role of a macroeconomist

Moreover, this unemployment rate has been fluctuated to a large extend compare to unemployment rate of Australia. Hence, after analysing the whole trend a conclusion can be drawn. It can be said that there is not such relationship between inflation rate and unemployment rate in Australia. As this relationship among inflation rate and unemployment rate is describing a long-term between these two factors, there is no relation between these.

Part B:Answer 4: Under long-run economic conditions, this aggregate supply curve is vertically straight line. Hence, there is a unique level of wage, where employment level reaches to its natural level (Cover, Enders and Hueng 2006, pp.777-790). Under this situation, prices and wages are flexible. By equating this aggregate demand and supply curve in the long-run, an equilibrium price level and real GDP level will be determined.When government expenditure of a country decreases, the aggregate demand curve will be shifted to the left. As, government expenditure is the component of aggregate demand.            Figure19: Shifting of Government expenditure in Long-runSource: (created by author)In figure 20, shifting of government expenditure is shown. The initial aggregate demand curve was LAD1. As government has decreased its expenditure, the new demand curve of the country will be LAD2. In this equilibrium situation, the aggregate price will be decreased.

The initial price level was P0. After shifting of AD curve, the new price level is P1. However, the wage and price level are flexible in the long-run. Hence by adjusting both price and wage level, the economy will produce its potential level of out by Y0.Under short-run, the demand curve will be shifted to the left due to shortage of governmental expenditure. Price and wage rate are not flexible. Hence, due to decrease in demand curve, aggregate price level and GDP level will also be decreased           Figure20: Shifting of Government expenditure in short-runSource: (created by author) In the above figure, aggregate demand curve shift to the left and the new demand curve is SAD2. The new equilibrium level of price will be P1 and the new level of GDP will be Q0. As price and wage are not flexible, potential output cannot be achieved in this short-run period.Part C:Introduction    Mining sector of Australia is an important component for its economy.

This primary industry has huge contribution on national income of this country. This mining industry has exported its outputs to other countries. The country has supplied large amount of iron ore, aluminium, nickel, copper, gold and silver and other important materials to other countries. There are almost 270 mining sites all over the Australia. As the mining industry is developing its export and the sector is developing itself, it is very important for a macroeconomist to operate this sector carefully. For international trade, the economist needs to take important policies.Summary of role:

Submission Requirements

 The role of a graduate student is to address economic data with its typical problems that an economist normally faces. Moreover, a graduate student can implement some basic empirical processes and also can interpret those statistical outcomes with economical concept. Within this mining industry, the role data analyst is very important. A data analyst analyse all statistical data to get an outcomes. Moreover, to analyse those data, statistical knowledge is essential. Without, those calculated data, a macroeconomist cannot implement any policy. At present, there are various software tools that help a data analyst to analyse small data and big data easily. These software tools are R, SAS and Python and so on. .

There are some well-known institutions and online courses from where a student can learn basic knowledge about these software tools. Moreover, for a data analyst, some basic concept of economics is also needed along with statistical knowledge. During graduation period, every economic student learns about basic concept of statists. As a graduate student of economics, I have learnt basic statistical concepts related to economics. Moreover, I have learnt SAS, SPSS and advanced excel during my study period. However, my do not have any experience. Hence, I want an entry level job. 

 Values Data analytics has a great value in modern business environment. As there are huge numbers of firms under an organisations, it is very difficult track all economical activities without statistical analysis. Moreover, data analysis helps an organisation to trade internationally.InterestI want to work as a data analyst as it has great career opportunity in upcoming years. The demand for a skilled data analyst is growing day to day.Personality By becoming a data analyst, I can implement my theoretical and practical knowledge by analysing various statistical data and its implications on a company.

Skills  have learn SPSS and advanced excel. Moreover, I have learnt about statistical analysis.Video Refection:In this interview, the economist has nicely described that why we study economics. For describing this concept, the economist has described various interesting factors of economics related to business. Moreover, he has discussed about the various career opportunities that I can follow after completing my graduation degree in economics.

He has positively stated that economics has various applications to create different career opportunities. The chief aim of an economist is to solve various problems related to business. The student can choose his or her career as a business analyst, project manager or as an economic officer. At the same time, understanding of economic concept is also very important. Secondly, the economist gives tips to get a good job. He has suggested students to achieve good professional experience. Moreover, to achieve this experience, a good and experienced mentor is needed.

This interview actually helps me to understand various important areas related to economics and career opportunities related to this subject.  However, the economist does not give any suggestions that how one can start his or her career as a data analyst. Hence, to know more about this career, I need to talk with some experienced persons, who are well established in this field. Moreover, he does not tell about the future aspect of a data analyst. Career Action Plan:After completing my graduation degree, I have to grab knowledge on any one of the data analytics software, that is, SAS, R, SPSS, Hadoop or Python. For doing this, I will do a certificate course on data analytics from any recognised institutions. As I am a fresher in the field of data analyst in a well recognised industry, this certificate will enrich my resume and also helps me to get a job in this field. Moreover, I will enrich my knowledge on statistics and commerce.

Argy, V.E. and Nevile, J. eds., 2016. Inflation and Unemployment: Theory, Experience and Policy Making. Routledge.Cover, J.P., Enders, W. and Hueng, C.J., 2006, Using the aggregate demand-aggregate supply model to identify structural demand-side and supply-side shocks: Results using a bivariate VAR. Journal of Money, Credit, and Banking, 38(3), pp.777-790.Department of Foreign Affairs and Trade 2018,  Australia’s trade in goods and services 2016,<https://dfat.gov.au/about-us/publications/trade-investment/australias-trade-in-goods-and-services/Pages/australias-trade-in-goods-and-services-

Rank	Country
6	New Zealand
7	Malaysia
8	Thailand
9	Germany
10	India
Country	Rank
New Zealand	6
Malaysia	10
Thailand	13
Germany	15
India	5
Rank	Country
1	China
2	Japan
3	United States
4	Republic of Korea
5	United Kingdom
6	India
7	New Zealand
8	Hong Kong
9	Singapore
10	Taiwan
Year	GDP Value ( 2010, USD) Index (2010= 1)
2000	0.74000
2001	0.76000
2002	0.79100
2003	0.81300
2004	0.84600
2005	0.87100
2006	0.89500
2007	0.93400
2008	0.95800
2009	0.97600
2010	1.00000
2011	1.02700
2012	1.06700
2013	1.09100
2014	1.11800
2015	1.14700
Year	GDP Value ( 2010, USD) Index (2010= 1)
2000	0.76400
2001	0.78100
2002	0.82100
2003	0.85800
2004	0.89600
2005	0.91900
2006	0.94400
2007	0.98100
2008	0.97700
2009	0.98100
2010	1.00000
2011	1.01900
2012	1.04500
2013	1.06700
2014	1.09700
2015	1.13300
Year	GDP Value ( 2010, USD) Index (2010= 1)
2000	NA
2001	NA
2002	NA
2003	NA
2004	NA
2005	NA
2006	NA
2007	NA
2008	NA
2009	NA
2010	1.00000
2011	NA
2012	1.3200
2013	1.20100
2014	1.28500
2015	1.38200
Year	GDP Value ( 2010, USD) Index (2010= 1)
2000	0.91400
2001	0.93000
2002	0.93000
2003	0.92300
2004	0.93400
2005	0.94000
2006	0.97500
2007	1.00700
2008	1.01800
2009	0.96100
2010	1.00000
2011	1.03700
2012	1.04200
2013	1.04700
2014	1.06700
2015	1.08600
Year	Total central government debt total (% of GDP)
2000	29.57454
2001	27.77455
2002	25.98684
2003	25.16258
2004	22.94081
2005	22.49565
2006	21.60331
2007	20.30457
2008	18.37448
2009	24.00725
2010	29.34086
2011	30.72087
2012	40.11420
2013	38.25787
2014	42.43556
2015	47.16824
Year	Total central government debt total (% of GDP)
2000	NA
2001	NA
2002	32.77614
2003	48.24534
2004	43.86723
2005	44.17012
2006	42.92629
2007	36.94151
2008	36.05584
2009	47.18888
2010	49.20450
2011	62.57289
2012	67.14840
2013	59.37423
2014	56.78294
2015	56.73015
Year	Total central government debt total (% of GDP)
2000	55.74789
2001	59.81582
2002	63.39847
2003	63.03085
2004	63.43922
2005	63.10969
2006	60.95971
2007	58.24545
2008	57.86867
2009	56.00546
2010	52.18357
2011	51.55655
2012	50.67803
2013	50.31183
2014	NA
2015	NA
Year	Total central government debt total (% of GDP)
2000	38.31347
2001	36.76872
2002	38.14062
2003	39.79055
2004	41.68602
2005	43.30620
2006	42.31146
2007	39.60632
2008	41.98689
2009	46.11890
2010	54.32626
2011	53.94481
2012	55.6056
2013	52.67787
2014	53.53316
2015	50.46999
Year	Imports: Value Goods (Percent of GDP)
2000	17.04
2001	16.16
2002	16.35
2003	15.74
2004	15.74
2005	16.23
2006	17.06
2007	16.63
2008	18.20
2009	15.93
2010	15.46
2011	15.49
2012	15.99
2013	15.37
2014	15.68
2015	16.27
Year	Imports: Value Goods (Percent of GDP)
2000	25.90
2001	25.12
2002	24.19
2003	22.47
2004	22.73
2005	23.20
2006	24.15
2007	22.84
2008	25.46
2009	21.02
2010	21.03
2011	22.24
2012	21.87
2013	21.21
2014	21.38
2015	21.15
Year	Imports: Value Goods (Percent of GDP)
2000	11.03
2001	10.49
2002	11.27
2003	12.24
2004	14.26
2005	17.61
2006	19.42
2007	19.81
208	25.36
2009	20.49
2010	21.83
2011	25.49
2012	27.17
2013	25.04
2014	23.15
2015	18.90
Year	Imports: Value Goods (Percent of GDP)
2000	25.29
2001	24.83
2002	23.38
2003	24.00
2004	25.18
2005	26.95
2006	30.02
2007	30.57
2008	31.38
2009	26.89
2010	30.62
2011	33.13
2012	32.50
2013	31.37
2014	30.89
2015	30.98
Year	Government Final Consumption Index (2010=1)
2000	0.73600
2001	0.74900
2002	0.77100
2003	0.80000
2004	0.83800
2005	0.85600
2006	0.89000
2007	0.91200
2008	0.94900
2009	0.97100
2010	1.00000
2011	1.03900
2012	1.05400
2013	1.07500
2014	1.07500
2015	1.12200
Year	Government Final Consumption Index (2010=1)
2000	0.70200
2001	0.73200
2002	0.74600
2003	0.77100
2004	0.80900
2005	0.86700
2006	0.90700
2007	0.94600
2008	0.98600
2009	0.99600
2010	1.00000
2011	1.02800
2012	1.02300
2013	1.03700
2014	1.07200
2015	1.09900
Year	Government Final Consumption Index (2010=1)
2010	1.00000
2011	NA
2012	1.14300
2013	1.17300
2014	1.25300
2015	1.26900
Year	Government Final Consumption Index (2010=1)
2000	0.88700
2001	0.89200
2002	0.90300
2003	0.90800
2004	0.90000
2005	0.90500
2006	0.91400
2007	0.92700
2008	0.95800
2009	0.98700
2010	1.00000
2011	1.00900
2012	1.02000
2013	1.03400
2014	1.05000
2015	1.08000