China vs Australia Economy

Resource Description

The Similarities and Differences between the Australian and Chinese Economy

Intro: The Australian and Chinese economies have numerous similarities and differences regarding economic growth and quality of life. Economic growth can be defined as an increase in the amount of goods and services produced per head of the population over a period of time, and quality of life can be defined as the standard of health, comfort, and happiness experienced by an individual or group. This essay will parallel and juxtapose the two economies ‘China’ (a socialist economy ruled by a Communist government),  and ‘Australia’(a mixed market economy), in retrospect of quality of life and economic growth, through comparing and contrasting Human Development Indicators, Unemployment Rate, Gini Index, Economies and Government and Gross Domestic Income of each economy.