Oh.. this is awkward. I didn't talk about FTA's >_>does this sound okay for Q 25 guys??
Talk about changing industry production.
- Moving away from manufacturing
- Moving away from Agg.
- due to the GLOBALISATION PROCESs
- removal of import tarrifs
- introduction of FTAs, SEATO
- Importance of WTO in promoting trade
- Talk about how that effects COMPARATIVE ADVANTAGE & OPPORTUNITY COST
Then refer to china Growing population and how they are sourcing us for education (for our eduction)
Education industry grow
More efficient Mining industry
and less based instudies under threat due Asian countries becoming more specialised and our appreciated exchange rate
I talked about deregulation and removal of protection --> we don't have an advantage in manufacturing and due to china and their cheap ass manufactures we can't compete.. however our productivity has increased
For agriculture i also talked about deregulation however due to the subsidies and other protectionist stuff in the EU/USA it forces down agricultural prices so then we have less export revenue and we're also less competitive --> slow down eco growth and stuff
For mining i talked about like structural change, removal of protection lead to resources moving to where most efficient, thus mining. So then i talked about china's growth and what not, the commodities boom. Then I accounted for the drop in mining exports during the GFC.
Overall.. I just looked at the stimulus and wrote based on that lmao