Gross Domestic Product (per capita)
GDP - (Gross Domestic Product) The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated annually.
Australia's GDP - 67,458.36 USD (2013)
United States GDP - 53,041.98 USD (2013)
Australia's GDP - 67,458.36 USD (2013)
United States GDP - 53,041.98 USD (2013)
Unemployment Rate
Definition: To be considered in the total labor force that is unemployed, the requirement is to be 16 years or older, not in the military, jail or prison, not living in nursing homes and other institutions, also they have to be actively looking for a job.
Types of Unemployment:
Unemployment Rate (United States) - 5.50%
Types of Unemployment:
- Seasonal - certain jobs required during a certain season or specific time
- Cyclical - unemployment because of the troughs of the business cycle
- Frictional - when people take time to find jobs (natural)
- Structural - an industry slows or shuts down for some reason
Unemployment Rate (United States) - 5.50%
- Australia's unemployment rate is .50% more than the United States
Percentage of Population under the Poverty Line
The Poverty Line: the estimated minimum level of income needed to secure the necessities of life.
Population Under Poverty Line in Australia - 13.9% (2.5 million people)
Population Under Poverty Line in United States - 15.1%
Population Under Poverty Line in Australia - 13.9% (2.5 million people)
Population Under Poverty Line in United States - 15.1%
- About 17.7% or 603,000 of all children live in poverty in Australia
Literacy Rate and Education Expenditures
Definition: the percentage of people who are able to read and write
Literacy Rate in Australia:
Youth Literacy Rate (15-24) - 99% (1995 - 2004)
Adult Literacy Rate (15 - older) - Male: 96% Female: 96% Both: 96%
Literacy Rate United States - Male: 99% Female: 99% Both: 99%
Education Expenditures in Australia - 14.3% (2010) to 13.5% (2011)
Education Expenditures in United States - 12.9% (2010) to 13.0% (2011)
Literacy Rate in Australia:
Youth Literacy Rate (15-24) - 99% (1995 - 2004)
Adult Literacy Rate (15 - older) - Male: 96% Female: 96% Both: 96%
Literacy Rate United States - Male: 99% Female: 99% Both: 99%
- Because more people can read and write, in the long run it is beneficial to the country and to its GDP. Soon they can high paying jobs and better income
Education Expenditures in Australia - 14.3% (2010) to 13.5% (2011)
Education Expenditures in United States - 12.9% (2010) to 13.0% (2011)
Economic Sectors
Agriculture:
Australia: This sector contributes 3% to Australia's GDP, the gross value of Australian farm production in 2010 to 2011 was 48.7 billion. Australian farmers export around 60% of what they produce and grow, and they earn up to 32.5 billion in 2010 to 2011. The growth in the farm sector has increased steadily over the past 30 years (1975 - 2004) at an average rate of 2.8%.
United States: Agriculture and agriculture-related industries contributed $789 billion to the U.S. GDP in 2013 (4.7%) The output of America’s farms contributed $166.9 billion of this total, which would be around 1 percent of GDP. The total contribution of the agriculture sector to GDP is larger than this because sectors related to agriculture, forestry, fishing, and related activities; food, beverages, and tobacco products; textiles, apparel, and leather products; food services and drinking places.
Australia: This sector contributes 3% to Australia's GDP, the gross value of Australian farm production in 2010 to 2011 was 48.7 billion. Australian farmers export around 60% of what they produce and grow, and they earn up to 32.5 billion in 2010 to 2011. The growth in the farm sector has increased steadily over the past 30 years (1975 - 2004) at an average rate of 2.8%.
United States: Agriculture and agriculture-related industries contributed $789 billion to the U.S. GDP in 2013 (4.7%) The output of America’s farms contributed $166.9 billion of this total, which would be around 1 percent of GDP. The total contribution of the agriculture sector to GDP is larger than this because sectors related to agriculture, forestry, fishing, and related activities; food, beverages, and tobacco products; textiles, apparel, and leather products; food services and drinking places.
Manufacturing:
Australia: Some of the major productions of Australia are finance, ship building, information and technology, agriculture and mining, insurance, aviation, and telecommunications industry. Because of this, Australia is one of the leading industrial sectors in the world. Mining is one of the chief industries which has helped the growth in population ever since gold was discovered in Australia. The total export value of minerals is 21% from the year 2006. Some of the manufacturing goods are machinery and equipment, metals, wood, paper and others.
United States: They are the 9th largest economy in the world, with manufacturing alone. The manufactures contribute about 2.09 trillion to the economy. The sector has a 12% GDP, and for every dollar spent in manufacturing, another 1.37 dollars are added to the economy. But the manufacturing industry supports about 17.6 million jobs in the United States.
Australia: Some of the major productions of Australia are finance, ship building, information and technology, agriculture and mining, insurance, aviation, and telecommunications industry. Because of this, Australia is one of the leading industrial sectors in the world. Mining is one of the chief industries which has helped the growth in population ever since gold was discovered in Australia. The total export value of minerals is 21% from the year 2006. Some of the manufacturing goods are machinery and equipment, metals, wood, paper and others.
United States: They are the 9th largest economy in the world, with manufacturing alone. The manufactures contribute about 2.09 trillion to the economy. The sector has a 12% GDP, and for every dollar spent in manufacturing, another 1.37 dollars are added to the economy. But the manufacturing industry supports about 17.6 million jobs in the United States.