Review of Income and Wealth for Business Statistics -myassignmenthelp

Question: Write about theReview of Income and Wealth for Business Statistics. Answer: Global trade has always been changing and creates an uncertainty of the upcoming technology and globalization or policy effects (Narula, 2014). Moreover, the environment seems to be continually involving especially with the landscape in Australia and New Zealand. The interaction is highly overrated with the continuous and revolutionary impact of the internet in the international borders determining future rate of economic growth (Mokyr, Vickers Ziebarth, 2015). The substance relating to the same can be further elaborated based on the efficiency of certain data and summarization on the upcoming trends. The changing trends in customers preferences have not only eroded the geographical barriers but even have boosted international trade. Moreover, the megatrends highlight the technology, changing demands followed by policy and globalization with cheaper cost of inputs. The data on globalization summarizes the impact on the annual growth rates that encompasses the global increase in percentage changes across years from 1980 2015 (Chart 2, pg 11). As per this quantitative data, GDP of Australia has been taken from World Bank data derived in 2016 and is interval in scale ranging from less than 10% to around 25% of exports as GDP. The data is based on percentage increase through a time series graph dealing with changes in exports of global GDP (Bhattacharyya Williamson, 2016). The data could have improved with proper annexure of changes could have been highlighted with the changes from the average mean using standard deviation of GDP growth. The explanation can be followed by the ordina l data taken from Department of Foreign Affairs and Trade for Australia specifying the top 5 exporters in the interval of 5 years from 1995 (Chart 3, pg 12). It can be seen that since 90s Japan has one of the great export markets followed by China (Flanagan, 2017). Hence, it can be predicted that in later years, Japan and China would be holding the market strong. However, the study can be experimental and can subject to change based on the different factors that influence the markets. Conversely, the exports need to be figured from the increasing global demand of primary products from the market like China. Australia and New Zealand data has been taken from Australian Bureau of Statistics from June 2016, which is ratio in scale as per the value amongst goods and services (Chart 11, pg 31). Australian export has been highlighted by more goods (78%) but the GDP composition shows a contrast with more percentage from services (77%) and with the similar composition goes with New Zealand as well with total export of NZ$70.9 billion. The doughnut chart represents the population through a subset of exports from GDP composition. The future of trade is the key to lower process so that goods can have a good composition among products than services (Buckley Casson, 2016). On the other hand, the internet usage in Australia has been increasing from 2011 until date (Chart 5, pg 13). The source of data is Australian Bureau of Statistics in Internet Service Provider Survey through Deloittes Calculations and the data has ratio scale. As per the data descriptions, the volume of data downloads have been constantly increasing in New Zealand in comparison to Australia which has been below 100,000 Tb across 5 years. However, in this case a probability of likelihood in chances of volume could have created certainty on the decisions made. The drivers have been further depicted through different factors and have resulted that the change in 5 years is especially for the service based industries such that the digital trends and technology make the top in charts (Kane et al., 2015). The stacked bar chart depicts the percentage of the ratio scale measurement as per the survey results collected by Chartered Accountants Australia and New Zealand in 2016. The statistical results have been calculated using frequency distribution through cumulative percentage that can be further illustrated through median and Ogive curve. The description of the data is forecasting more changes in technology, changing preferences and government policy (Feige Vonortas, 2017). Moreover, even the sectors agriculture and forestry have less than 50% coverage by all the three drivers and more than 70% has been seen on information, media and communication. To conclude, it can be said that the Australia and New Zealand has a strong yet economical position to grow its exports through globalization, policy and changing trends as per data summarization. In addition, the statistical tools that could have further benefitted the results are through experimental group and usage of normal distribution with probability, which further highlights the deviation in responses. The surveys acted as a key source of data through Australian Bureau of Statistics and other sources with latest data in 2016 but a statistical inference of quartiles could have been justified on the data of exports for a more clarity in changes. The trends can be guided by the time series data for proper investigation on the trends. References Bhattacharyya, S., Williamson, J. G. (2016). Distributional consequences of commodity price shocks: Australia over a century.Review of Income and Wealth,62(2), 223-244. Buckley, P. J., Casson, M. (2016).The future of the multinational enterprise. Springer. Feige, D., Vonortas, N. S. (2017). Context appropriate technologies for development: Choosing for the future.Technological Forecasting and Social Change,119, 219-226. Flanagan, S. (2017). Building resilience in Japan-China ties: a role for Australia. Kane, G. C., Palmer, D., Phillips, A. N., Kiron, D., Buckley, N. (2015). Strategy, not technology, drives digital transformation.MIT Sloan Management Review and Deloitte University Press,14. Mokyr, J., Vickers, C., Ziebarth, N. L. (2015). The history of technological anxiety and the future of economic growth: Is this time different?.The Journal of Economic Perspectives,29(3), 31-50. Narula, R. (2014).Globalization and technology: Interdependence, innovation systems and industrial policy. John Wiley Sons.