This website uses cookies to ensure you have the best experience. Learn more

How Does The Australian Government Fight Against Inefficiencies In The Economy ?

1233 words - 5 pages

A key factor in determining market performance is how efficiently a firm uses available resources. This efficiency will determine if a firm can survive in a particular market where competition exists. In an ideal situation, perfect competition occurs when new firms are allowed to join a market and have equal access and acquisition cost of resources. Therefore with competition in place, firms will be forced to be more efficient in its production of goods/services.Efficiency not only leads to less wastage of resources, but consumers can benefit from the possible fall in prices. Unfortunately, in any market, there are factors that might prohibit or lessen the level of competition within a market preventing the benefits discussed. This is where the significant importance of microeconomic reform (MER), which consists of government policies designed to increase the level of efficiency, is evident. Deregulation, trade liberalization and the forming of regulatory authorities such as the Australian Competition and Consumer Commission (ACCC) are examples of such policies.Microeconomic reform is needed if market efficiency and its benefits are to be achieved. There are three classifications of efficiency. Allocative efficiency refers to the best choice of resource for a specific part of the production, which will lead to minimal wastage. Technical efficiency refers to the best combination of resources to produce the most quantity and best quality of a product. Lastly dynamic efficiency is the adoption of new techniques and technologies, and keeping up with the changes in demand.Non-competitive markets are examples of inefficient use of resources. Take for example a monopoly. A monopoly is a market form where there is only a single producer of a product. This can lead to higher prices for consumers as the monopoly dominate the entire market and the goal of the firm is profit maximization. Consumers would not be able to lower the prices as the firm remains in full control of the market. We can say demand would be inelastic for monopoly products. Apart from higher prices, the firm will have no need to improve its methods of production, which is probably inefficient; causing wastage of resource that could be otherwise be used for production of other goods and services.Deregulation is one such way the government tries to curb this problem. It is the removal of government laws that prohibit competition to occur within an entire market. An example of a deregulated market would be the telecommunications sector.Telstra Communications used to be completely government owned. Until they sold parts of Telstra and ensure competition by encouraging other phone companies to enter the market and rent phone lines from Telstra. Right now there are many telecommunications providers like Telstra increasing competition and diversifying into other markets like Internet service providers. The only telecommunications company that is not renting phone lines from Telstra is Optus,...

Find Another Essay On How Does the Australian Government fight against inefficiencies in the Economy ?

Targeted Killings in the Fight Against Terrorism

1485 words - 6 pages Introduction Just ten years ago the United States publically condemned Israel’s use of targeted killings against Palestinian terrorists. Martin S. Indyk, the former American ambassador to Israel, said in a statement on 5 July 2001, ''‘The United States government is very clearly on the record as against targeted assassinations…they are extrajudicial killings, and we do not support that.’'' However, after September 11th, the US makes frequent

the fight against hate Essay

1722 words - 7 pages committed the act of violence and how it affects the people around it. It can be easily seen why a swastika would show hate, and when those boys killed James, they did it because of his race. There was no other reason, they didn’t know him personally nor had he done anything to them, they killed him because of what he looked like. Anyone can be judged! Bias can occur against ethnicity, gender, age, sexual orientation, wealth or any other trait. In

The Fight Against Homelessness

1024 words - 5 pages you are disrupting the peace on the streets. Who to turn to when everybody has given up on you is going to be a hard decision. We, the more fortunate, need to come together to fight against homelessness. Imagine being in their shoes, scared, lost, cold, and hungry. In this paper, I will talk about the facts and statistics of the homeless, organizations providing and protecting them, the causes that put them where they are and different shelters

The Australian Government

1432 words - 6 pages When you think of the “land down under” you don’t really think of the kind of government they have. I chose to write about the Australian government because I really don’t hear much about Australia. It currently has a pretty interesting story to tell when it comes to their government. I became a bit interested in Australian politics when I saw a political animated cartoon on the internet that depicted Kevin Rudd, the last Prime Minister, on a

How Does Technology Affect the Economy

771 words - 4 pages . There are many pros and cons to technology in the economic world, but the truth is that technology is growing and it is important and needed in the working world. With all the productivity, technology is taking over and the economy will grow because of it. Works Cited Lacoma, Tyler. “The Positive & Negative Effects of Technology in Business.” Ehow.com. Web. 27 April 2014. Pethokoukis, James. “How the rise of smart machines will affect the US economy and jobs: A Q&A with Erik Brynjolfsson and Andrew McAfee.” Aei-Ideas.org. Web. 27 April 2014. Thompson, Lindsey. “How Does Technology Affect Our Economy?” Technology Affects the Economy. Web. 26 April 2014.

How should Bhilwara Sabun Utpadak S.S Ltd. tackle the inefficiencies faced in the area WORKING CAPITAL MANAGEMENT

1534 words - 7 pages Introduction I have decided to write my commentary on the WORKING CAPITAL MANAGEMENT INEFFICIENCIES faced by Bhilwara Sabun Utpadak S.S Ltd. Bhilwara Sabun, was set up in the year of 1985 as a soap manufacturing unit. The Founder, Mr. D.L Somani , has made some serious efforts towards the expansion of company wherein initially the production was based out in home. Gradually, Mr. D.L Somani acquired industrial land, set up basic production

The inefficiencies within Counter- Terrorism

1233 words - 5 pages publicized inefficiencies in counter terrorism efforts. In this essay I will argue how many of many of the current counter terrorism efforts have been unsuccessful. Specifically looking at why there is a gap of influence on non-combatants because of focus on physical acts of Counter Terrorism instead of the growing ideological support towards the Al-Qaeda initiative despite their malicious acts of terror. Another reason for the ineffectiveness of

The Global Fight Against Terrorism

1377 words - 6 pages Despite spending billions of dollars to fight endless wars, global terrorism rose 43% in 2013. As a result, terrorism has been brought to the fore of not only the American mentality, but the international mentality as well. Consequently, we must do a few things in order to maintain our sanity, dignity, power, and security. We must retaliate forcefully and successfully. We must garner support for our cause and give

The World's Fight Against Microbes

2036 words - 8 pages remain potentially lethal. By 1982 fewer than 10 percent of all clinical staph cases could be cured with penicillin, which is a dramatic shift from the almost 100 percent penicillin susceptibility of Staphylococcus in 1952. Most strains of staph became resistant to penicillin’s by changing their DNA structure (Garrett 411).      The fight against staph switched from using the mostly ineffective penicillin to using methicillin in the late

The Fight Against Child Pornography

2341 words - 9 pages officials are having a difficult time catching offenders who post this type of material. So with this type of problem concerning pornography this issue is not deciding on appropriate means of regulation, but rather how to enforce the regulation already in place.   It is obvious that for years, the government has been trying to regulate this type of content but has seen very limited success. Part of the reason for this is because certain

The Fight Against School Violence

2404 words - 10 pages elevated teens will still know how to defend themselves in a dangerous confrontation. Remember, it is a defense class so no actions would be useful in instigating a fight, only fleeing from one. Self defense is not just physical, so parents need not worry their students will become more aggressive from taking self defense courses. If anything, the student will be more confident they can handle themselves if necessary. Another reason mandatory

Similar Essays

Major Causes Of Unemployment, Recent Unemployment Performance, Policy Options Available To The Government To Achieve A Sustained Reduction In The Level Of Unemployment In Australian Economy

1996 words - 8 pages "Outline the major causes of unemployment and social consequences of unemployment for the Australian economy".There are a number of causes of unemployment, which ultimately result in both positive and negative consequences for Australia’s economy. These causes are outlined as follows.Economic growth is possibly the most influential factor causing unemployment. The demand for labour is a derived demand, meaning that it is determined by the

Does The Australian Government Provide Adequate Support For Mental Health Related Issues? Politics Essay

1185 words - 5 pages Does the Australian Government provide adequate support for Mental Health related issues? By Liam Grant A major issue that is being debated lately is whether it is necessary for the government to invest more money, out of its budget, towards the Australian Mental Health System. The current system is fragmented and unorganised, inhibiting easy access to important information and support. However, is it mandatory for the government to increase the

What Role Does The Australian Government Take On Gay Marriage? Research Paper

242 words - 1 page Gay marriage is a big issue in Australia as there have been a lot of political protests. Same-sex couples have been extremely pushing for a law change. However, Australia has government has not accepted this issue. There is legal recognition of same-sex in states such as New South Wales, Victoria, Tasmania, Queensland, and the Australian Capital Territory. The main reason for same-sex marriage not being approved is Tony Abbott. Tony Abbott, Ex

The Fight Against Pollution In China

728 words - 3 pages Polluting companies around China might be forgiven for feeling under pressure: they have good reason to be after China announced the latest measures to fight environmental damage. On February 11, news came out that in 2013 China's environmental watchdog blocked 32 projects – the combined value of which amounted to 118.4 billion yuan ($19.5 billion) - on the ground that they had broken rules protecting the environment. Zhai Qing, the vice