School enrollment
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World education indexThe problematic education index. (2012, May 30). Retrieved from http://www.geocurrents.info/geonotes/the-problematic-education-index
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New zealand oil production/consumption
Recorded from 2012
Oil Production: 48,000 barrels per day
Oil Consumption: 151,000 barrels per day
From the information I discovered it is evident that New Zealand consumes a significantly larger amount of oil than they produce. In fact, New Zealand consumes approximately three times more oil than it produces. This means that New Zealand must rely on the import of oil from other countries in order to satisfy the need/demand for oil. I also discovered that since 1980 New Zealand's oil production has fluctuated drastically. From 1997 to 2006 New Zealand's oil production continually decreased, and from 1997 to 2006 it decreased by almost 43,000 barrels per day. From 2006-2008 production increased, but after 2008 has started another decline. However, oil consumption from 1980-2012 has been steadily increasing.
Two questions came to mind after reading information on New Zealand:
1. Why has the production of oil in New Zealand fluctuated so drastically?
2. Is there a way for New Zealand to produce more oil and consume less?
Oil Production: 48,000 barrels per day
Oil Consumption: 151,000 barrels per day
From the information I discovered it is evident that New Zealand consumes a significantly larger amount of oil than they produce. In fact, New Zealand consumes approximately three times more oil than it produces. This means that New Zealand must rely on the import of oil from other countries in order to satisfy the need/demand for oil. I also discovered that since 1980 New Zealand's oil production has fluctuated drastically. From 1997 to 2006 New Zealand's oil production continually decreased, and from 1997 to 2006 it decreased by almost 43,000 barrels per day. From 2006-2008 production increased, but after 2008 has started another decline. However, oil consumption from 1980-2012 has been steadily increasing.
Two questions came to mind after reading information on New Zealand:
1. Why has the production of oil in New Zealand fluctuated so drastically?
2. Is there a way for New Zealand to produce more oil and consume less?
New Zealand's economic system:
New Zealand has a market economy that relies heavily on international trade for goods and services. Since New Zealand has a market economy, this means that majority of decisions in the economy about what to produce, how to produce it, and who receives the goods are made by private individuals and firms. New Zealand's government runs under the rule of the English Parliament, which has caused some problems with international trade in the past. However, nowadays New Zealand's economy is fueled by its vast exportation of agriculture and imports. New Zealand's primary exports are wool, meat, and dairy products. Since New Zealand's land is great for agriculture, the country relies on the production of these goods for themselves as well. The country of New Zealand does most of its trade with Australia, English territories, and some Asian countries such as China and Japan. Since New Zealand does rely heavily on imports for a lot of their goods and services, the success of countries such as Australia, China, and Japan (where New Zealand receives these imports) directly affect New Zealand as well. Any set backs, shortages, or drops in the economy of these countries can directly harm New Zealand too.
There are many indicators that make up a country's economic system and contribute to the success or decline in a country's economy. Unemployment rates, public debt, and labor force distribution are just a few factors that contribute to and affect New Zealand's economic system. The unemployment rate in New Zealand in 2013 was approximately 6.4%. Out of 203 countries it is ranked 65th, with a lower unemployment rate than the Unite States, Canada, and the United Kingdom. The difference in unemployment rates has to do a lot with the difference in types of economies that these countries have. When compared to other countries in its region, New Zealand's unemployment rate is higher than Australia but lower than Indonesia. Public debt in New Zealand is 38.4% of its GDP. New Zealand's GDP Per Capita is 30,400. This public debt percentage is actually relatively low to that of other countries such as the United States, Japan, and Spain. As for New Zealand's neighbors Australia and Indonesia, New Zealand's public debt is lower than that of Australia's, but higher than that of Indonesia's. Labor force distribution in New Zealand is divided into three groups: agriculture, industries, and serves. Agriculture makes up 7% of the labor force, industries make up 19%, and other services make up 74%. Its quite surprising that New Zealand's labor force distribution for agriculture is only 7% when the country relies so heavily on exports such as meat, dairy products, and wool to fuel the economy.
There are many indicators that make up a country's economic system and contribute to the success or decline in a country's economy. Unemployment rates, public debt, and labor force distribution are just a few factors that contribute to and affect New Zealand's economic system. The unemployment rate in New Zealand in 2013 was approximately 6.4%. Out of 203 countries it is ranked 65th, with a lower unemployment rate than the Unite States, Canada, and the United Kingdom. The difference in unemployment rates has to do a lot with the difference in types of economies that these countries have. When compared to other countries in its region, New Zealand's unemployment rate is higher than Australia but lower than Indonesia. Public debt in New Zealand is 38.4% of its GDP. New Zealand's GDP Per Capita is 30,400. This public debt percentage is actually relatively low to that of other countries such as the United States, Japan, and Spain. As for New Zealand's neighbors Australia and Indonesia, New Zealand's public debt is lower than that of Australia's, but higher than that of Indonesia's. Labor force distribution in New Zealand is divided into three groups: agriculture, industries, and serves. Agriculture makes up 7% of the labor force, industries make up 19%, and other services make up 74%. Its quite surprising that New Zealand's labor force distribution for agriculture is only 7% when the country relies so heavily on exports such as meat, dairy products, and wool to fuel the economy.