2. Economy of australia

Today Australia competes in world markets for the export of its agriculture and mineral products.

Australia is rich in mineral resources, notably bauxite, coal, gold, iron ore, nickel, and petroleum. Fertile farmland is at a premium because much of the land is desert. Australia, however, has become one of the leading agricultural producers in the world by applying modern irrigation techniques to vast tracts of arid soil. Despite the great expansion in mining and manufacturing after 1940, the prosperity of the country continues to be largely dependent on livestock raising and crop farming.

Queensland is the leading cattle-producing state, containing approximately one-third of the estimated 23.5 million heads of cattle in Australia in the late 1980s. The country produces both beef and dairy cattle.

Although only about 6 percent of the total area of Australia is under crop or fodder production, this acreage is of great economic importance. Wheat crops occupy about 60 percent of cultivated acreage, and fodder crops and grains occupy 20 percent. The bulk of the wheat crop is grown in the south-eastern and south­western regions of the country. Oats, barley, rye, hay, and fodder crops also are important. Rice is grown in the Northern Territory. Many types of fruit are grown, including pineapples, bananas, papayas, and citrus fruit. The major wine-producing areas are in the Southern Australia. Special varieties of grapes are grown for the production of raisins.

Australia is an outstanding producer of primary products. The country is self-sufficient in almost all foodstuffs and is a major exporter of wheat, meat, dairy products, and wool. Australia usually produces more than 25 percent of the world's yearly output of wool. The volume of manufacturing grew rapidly between the 1940s and 1970s, and mining became a leading sector in the economy during the 1960s. Indeed, minerals have surpassed wool as the leading export.

In the 1993 fiscal year the estimated federal budget included about $ 68.5 billion of revenue and about $ 78 billion of expenditure.

3. Economy and investment in britain

Britain is one of the most highly industrialised countries in the world, having pioneered the industrial revolution during the eighteenth and nineteenth centuries when a series of inventions led to a complete change in the character of production.

Nearly 30 per cent of the gross domestic product (GDP) comes from manufacturing industry while the service industries (including transport, communication, distributive trades, insurance, banking, finance and business services, public administration and defence, public health and education) provide almost 60 per cent. The volume of output of goods and services (or GDP) has more than doubled over the past 30 years. About one-third of GDP is exported, international trade being of crucial importance.

The economy is mixed, with both private and state participation in, and ownership of, industry. Among the industries in which there is state participation are fuel and power, steel manufacture, the railways, airports and airlines, aerospace and shipbuilding.

Like the rest of the world Britain was affected by the abrupt increase in the prices of commodities in 1972 and 1973, particularly of oil. These and subsequent additional oil price rises have had a depressing effect on economic activity and with inflation have led to recession in much of the industrialised world, producing also large balance of payments deficits in oil-importing countries.

Government economic policy is directed towards controlling inflation through firm fiscal and monetary policies and increasing competition, reducing public expenditure, restoring incentives to industry, particularly small businesses, and reducing the extent of state ownership.

Industrial relations are chiefly based on voluntary organization and on agreements negotiated between employees and employers - often through trade unions and employers' associations.

Manufacturing plays an important role in the economy, accounting for more than 90 per cent of visible exports and nearly 30 per cent of national income -almost 70 per cent of all income from production industries. Over 30 per cent of all employees are engaged in manufacturing.

Investment in Britain manufacturing, measured as a proportion of manufacturing output, is comparable with the level of investment in other major developed market economies. Manufacturing investment was about £ 5.800 million, directed chiefly towards engineering, shipbuilding and metal goods; chemicals; food, drink and tobacco; and vehicle manufacture.