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In Unit 2, you will spend some time examining the term globalisation. The fact is, Australia exists in a globalised economy; we use many goods and services that are made overseas, and we gain a significant percentage of our national income by selling our own production to people in other countries.

It is important for our long term standard of living that we are able to grow at a rate that is comparable with other countries. During the early part of the twenty first century, the Chinese economy has grown at an extraordinary rate. At this time, they were able to generate jobs for their citizens, and they created a significant trade surplus by selling their excess production to people and businesses in other countries. Those businesses in smaller nations that were not able to compete with the exceptional growth of the Chinese economy were ultimately forced to close due to lack of business. This meant that people in those countries lost their jobs, and their standard of living fell.

Australian jobs are not generally created by manufacturing firms, as labour rates in this country are high by international standards. We tend to focus on the provision of services, agricultural products and mining. These things fit in to the categories of primary production and tertiary production.

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