HC1072 Economics and International Trade Assignment Help
Find a recent news article discussing a change in market condition(s) of an industry in 2018-2019, for example an observed change in market supply of a good/service or a change in consumers' taste and preferences for a good/service. The industry must be ONE of the following in Australia:
- Agriculture production
- Property market
- Mining industry
Using theories of economics, such as the demand and supply model and determinants of demand and supply, explain the impacts of changing market conditions on the price and quantity of goods or services traded. Support your analysis with market data.
The assignment must, as a minimum, include:
-Description of the relevant market including the product or service, degree of competitiveness, and market structure that characterises the market for that product or service;
-An analysis (including appropriate diagrams) of how changing market condition(s) are influencing, or have influenced, or may influence price and quantity
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Mining has always been a primary contributor to the Australian economy. The market of mining is quite vast in Australia and the customer base is widespread. The industry provides a lot of export income and royalty payments that have made the industry one of the most lucrative industries in Australia. A huge number of people in Australia are employed in the mining sector and mining resources are considered to be the key reason behind population growth via mass immigration to Australia. During the gold rush in 19th century, mining in Australia have increased drastically as shaped its structure in the contemporary perspectives. Due to a lot of complications within the domain the mining industry was facing a lot of difficulties in the past few decades. However, implementation of numerous ICT technologies has significantly mitigated some of the prime issues within Australia. In this study, a brief overview of the change in the mining industry is described. All the aspects such as the way changing market is influencing the price and quantity are described within the course of this study.
Description of the market of mining industry in Australia
According to a study of statista, the mining industry is one of the most critical contributors to the economy of Australia. Almost 148 billion Australian dollars has been added by the mining industry that results in a massive economic growth in 2018. The gross value of mining industry includes 6.4 percent of the total value added within Australia. It can also be seen that over 132,000 people are employed in the mining industry in Australia (Zhang & Moffat, 2015). The GVA of the coal mining industry was 40 Bn AUD and the total income of their coal mining industry is near about 74.9 Billion AUD. The expansion of the market of mining has emerged due to a huge supply of mineral, non-mineral and Hydrocarbon in Australia. The mining division holds the responsibility to extract process and sell those supplies. The quality of the extracts is often very high. The division of the mining industry is export oriented and a lot of factors are associated with it. The mining division includes some major services and products such as metal ore, coal, gas and oil, mining and non-metal ore and mining services. The compositions of the services and products are widespread and changed drastically in the past few years. Especially the extraction of oil and gas are the major services with respect to the situational aspect of the service (Petrella et al.2019). According to November 2018 report of Aussie mine have explained that the market capitalization of mining industry is surged 28 % on last year's MT50 with a significant increment. It has also been seen that there is a sharp increment in the revenue generation also. The mining industry is seeing profit after a long time. By analysing all the potential reason behind this matter, it can be identified that merging the mining industry with technology was one of the finest decisions taken by the industry experts. ICT have changed the mining industry drastically over the past few years and it is expected to grow more over the upcoming few years. The significance of this change is related to the situational perspectives of Australian economy and the government's emphasis on implementing different technologies has taken the mining industry of Australia to the next step (Spearing & Hall, 2016). The identification of all the critical aspect within the mining industry is done by the top mining companies in Australia such as UGM Australia, Rio Tinto, Australia Pacific, Fortescue Metals Group and Evolution Mining. The mining business is blasting as long as situational points of view of mining innovations are related with it. Generally speaking, it may be said that innovation will be one of the key factors in the forthcoming years as far as alleviating issues identified with the particular issue. In the present situation, a dominant part of expenses is spared by the administrators. As a rule, decrease in staff and CAPEX are the key determinant in this space (O'faircheallaigh, 2017).
Analysis of the way changing market conditions have influenced the price and quantity
It can be identified that the mining and coal companies are introducing new ways to enhance the way market expenditure is processed in mining industry. The critical aspect in this context is the significance of the industry's growth over the past few decades. There is a significant change in the market size that holds a critical amount of revenue generation within the industry. It is also quite evident that the management of all the important aspects with the mining industry is another key determinant in the domain of mining (Tan, 2017). The mining industry is booming as long as situational perspectives of mining technologies are associated with it. It is also quite important to understand that the involvement of mining industry have changed the face of outcome in the relevant industry. As the mining industry is a domain that directly relates to export, therefore, it is quite important to understand that the situational perspectives or the mining companies are extremely important. The digital transformation of the mining market can change the overall outline of the market to a significant extent. It is also quite evident that that the total expenditure of the mining companies in terms of ICT have actually dropped in 2017. However, the projected market is likely to grow once again in the upcoming years (So et al.2018). The growth in the ICT technology will be a key factor in terms of identification of the issue within a significant extent. It very well may be expressed that the noteworthiness of this area is the essential goal in this space. In the rise of enormous information and examination, the procedures have additionally expanded in the huge degree. The self-sufficient route capacities are likewise connected with the result in the mining business. As indicated by various examinations, it very well may be distinguished that particle 2016, the quantity of mines all over Australia were close around 370. The 33% of the locales is found infester Australia. It very well may be expressed that Queensland, New South Wales and Western Australia are the essential mining locales in Australia. It very well may be expressed that the criticalness of mining industry in Australian economy is very broad (van der Plank, Walsh, & Behrens, 2016). It is very clear that the orderly administration of all the basic viewpoints is incorporated into this unique situation. It is very clear that the Australian mining industry is developing at a quick pace from its rise that was around 2013 (Stothard et al.2015). The fast development of the mining business is anticipated to be the most significant angle in the contemporary situation. It can likewise be recognized that the mining business is an early adopter of the module innovation and computerization innovation. It is very obvious that with the assistance of these innovations, the industry has developed to a huge degree. Furthermore, huge information examination and other applicable part of innovation have given an additional advantage to the prospect. ICT solutions such as drones and sample techniques to reach deeper into the mine can be a critical element in the upcoming years (Feng & Zhu, 2016). It can be seen that today there are a number of challenges are faced by the Australian mining industry that is likely to be solved by implementing appropriate technology solutions. Overall it can be said that technology will be one of the key factors in the upcoming years in terms of mitigating problems related to the specific issue. In the current scenario, a majority of costs are saved by the operators (Horberry, Burgess-Limerick & Steiner, 2016). In most cases, reduction in staff and CAPEX are the key determinant in this domain.
It can be stated that the significance of this domain is the primary objective in this domain. In the emergence of big data and analytics, the processes have further increased in the significant extent. The autonomous navigation capabilities are also associated with the outcome in the mining industry. According to a number of studies, it can be identified that ion 2016, the number of mines all over Australia were near about 370. The one third of the sites is located infester Australia. It can be stated that Queensland, New South Wales and Western Australia are the primary mining sites in Australia (Macdonald et al.2015). It can be stated that the significance of mining industry in Australian economy is quite widespread. It is quite evident that the systematic management of all the critical aspects are included in this context. It is quite evident that the Australian mining industry is growing at a rapid pace from its emergence that was around 2013. It is quite important to understand that the construction and investment of the major projects are extremely critical for this assessment. The prices of raw materials and commodities are also improved drastically over the past few decades. For this reason, the existing operations in this context were withheld for the last two to three years (Drew, Dollery & Blackwell, 2018). However, incorporating several aspects of ICT technologies have improved the process to a significant extent. It is also quite important to understand that the overall operations of 2016 were valued near about $330 million. It can be stated that the costing for labor is extremely high in Australia. These are for incorporating different technologies such as driver less vehicles and equipment for excavations (Alom & Courtney, 2018).
With the help of extensive research about the market of mining in Australia, it can be concluded that mining industry is changing at a rapid pace. The technological implementation is the prime determinant behind this change. It is quite important to understand that the critical elements are quite sustainable in this context. The rapid growth of the mining industry is projected to be the most important aspect in the contemporary scenario. It can also be identified that the mining industry is an early adopter of the module technology and automation technology (Söderholm & Svahn, 2015). It is quite evident that with the help of these technologies, the industry has grown to a significant extent. Additionally, big data analytics and other relevant aspect of technology have given an added benefit to the prospect. With increment in the technology domain, the economical perspective of the mining industry is likely to grow over the upcoming years. The significance of the study holds its benefits on the critical aspect of the business. The implementation of digital technologies has taken the outcome of the business to a sustainable profit margin. It is expected to be the most crucial delivery of the process in this decade (Northey et al.2019).
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