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How has mining helped the Australian economy?
The mining boom has meant that their has been an extreme amount of demand for Australian minerals. This has meant that the exports for Australia have been large. The increase in demand in this area has meant that there are many more jobs in Australia in the mining industry. The driver behind this boom has been the Asian markets that are expanding and experiencing high periods of economic growth. To expand they need the minerals, these minerals come from Australia. As the Asian countries are expanding rapidly, namely China, this means that they will pay high prices for the Australian minerals, making the minerals inelastic, e.i. a percentage change in price will lead to a smaller percentage change in quantity sold. This has meant that Australia's minerals have kept being sold. When this money comes to the mining companies they pay their employees who then spend their money on local business and there is a multiplier affect in the economy, where the money circulates through the Australian economy many times.
What is Ukraine's economy?
agriculture and mining
How does coal mining effect the economy?
Coal mining affects the economy because it is a relatively cheap energy resource, because it is abundant in most of America.
What type of economy is based on mining or producing raw materials to be used in foreign industries?
An industrial economy is based on mining or producing raw materials to be used in foreign industries.
What is Australia economy based on?
Mining, agricultur, wool, wine, fishing,
What are the positives of mining in Australia?
mining provides a major contribution to the Australian economy and provides business activity, investment jobs, and export revenue.
What does it mean when you say mining is a cornerstone of our economy?
What does it mean when we say mining is a cornerstone of our economy
How is mining bad for your economy?
its not
Australia's economy depends on mining and?
Australia's economy depends mainly on mining and agriculture. Tourism is also important.
Is mining more important to Australia's economy than farming?
Yes, Mining is
Does mining forms the backbone of chiles economy?
Copper mining and production is the backbone of the Chilean economy. It accounts for one third of the governments revenue.
Mining forms the backbone of chiles economy?
Copper mining and production is the backbone of the Chilean economy. It accounts for one third of the governments revenue.
How has mining helped the Australian economy?
The mining boom has meant that their has been an extreme amount of demand for Australian minerals. This has meant that the exports for Australia have been large. The increase in demand in this area has meant that there are many more jobs in Australia in the mining industry. The driver behind this boom has been the Asian markets that are expanding and experiencing high periods of economic growth. To expand they need the minerals, these minerals come from Australia. As the Asian countries are expanding rapidly, namely China, this means that they will pay high prices for the Australian minerals, making the minerals inelastic, e.i. a percentage change in price will lead to a smaller percentage change in quantity sold. This has meant that Australia's minerals have kept being sold. When this money comes to the mining companies they pay their employees who then spend their money on local business and there is a multiplier affect in the economy, where the money circulates through the Australian economy many times.
Does the Australian government share mining tax with pensioners?
no
What is considered the backbone of Chile's economy?
Mining forms the backbone of Chile's economy.
What is the basis of economy for Guyana?
Guyana economy relays on Fishing and mining for bauxite
What is the basis of Guyana's economy?
Guyana economy relays on Fishing and mining for bauxite
