Australia�s & China�s Economy Australia and China are ranked 15th and 4th respectively on The World Bank�s total Gross Domestic Product (GDP) for the year 2006 with a combined total of nearly US$3,000,000,000,000 � that�s trillion by the way. The Chinese and Australian economies have differences within their similarities and vice � versa, from Australia�s market based economy to China�s planned economy. Like all economies they face the basic problem of scarcity of resources; what to produce, how much to produce, who will produce it. Both economies in most, but not all cases have eventually adapted to the changing world in order to allow their economies to grow, develop and where possible bring the greatest satisfaction to their population. One of the more noticeable differences between Australia and China is quality of life with Australia having a significantly higher quality of life than China. Australia and China are both constrained by their effect on the environment through their means of production, both countries face difficulties of extreme water shortages and soil erosion ......

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