Changes to Structure of Industry Flashcards

1
Q

Define Structural Change

A

Changes in the pattern of production that reflect changes in technology, demand and the global economy

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2
Q

How have global economic trends impacted manufacturing?

A

Worldwide Reduction in Protection

East Asian Economies are more internationally competitive in the production of manufactured goods

This has seen Australian manufacturing decrease, with a renewed focus on our commodities, for which demand is relatively inelastic

Australia’s percentage of manufacturing exports has fallen from 13% in 1990 to 9% in 2020

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3
Q

How have global economic trends impacted agriculture?

A

The decline of agricultural exports in recent decades:
- large fluctuations in world prices
- trade protection influenced export revenue (EU subsidise 33% of farmer income)
- extreme weather patterns (floods and fire) reducing
output and productivity

Agricultural exports - 1989-1990 (23%), and 2019-2020 (10%)

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4
Q

Potential Future Changes

A

Movement away from manufacturing, agriculture

Movement towards services and commodities (33% then, 54% now)

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