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Outline And Discuss The Australian Economy And How It Attempts To Solve The Economic Problem

739 words - 3 pages

Australia attempts to solve the economic problem by the implementation of its mixed economy. The Australian economic system resides between a planned and free market enterprise, leaning more towards a free market with some government intervention. With a definable economic state, it becomes possible to further outline the aspects of it and how it actually attempts to address the economic problem.The economic problem plagues all consumers. It can be defined as the allocation of scarce resources amongst unlimited wants. It is the Government's duty to introduce an economic system as to allocate the production, distribution and consumption of goods and services in a particular society and therefore address the economic problem.The mixed economy derives from the pure market economy which an economy runs entirely by private firms and businesses. It can be defined as an economic system where the decisions concerning production and distribution are made by a combination of market forces and government decisions.In solving the economic problem, Australia's mixed economy is faced with several fundamental questions including what to produce, how to produce, how much to produce and how to distribute production. A combination of Government and Consumer influences determine how these questions are answered.The supply and demand principal has a large impact on what is produced. It is the interaction between consumers and businesses for example if a product is demanded by consumers, then businesses will produce more as to retain more profit. Thus, a cycle emerges, the encirclement of profitable and non-profitable products. The Australian Government can be an intervener in regards to what is produced. It can provide public goods such as schools, roads and a defence force. It may also limit production of illegal and harmful products.Consumers, once more, have a large impact on how much is produced. Prices on products will increase with demand and thus, decrease with loss of interest therefore signalling to businesses whether to increase production or not. This is known as the price mechanism. With the interest of the Australian economy in mind, the Government will limit or attempt to increase output of certain products. This is done to compete with foreign impacts on the Australian economy and will often involve quotas to limit production,...

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