An open economy is the opposite of a managed economy. It is one that is characteristically market-oriented‚ with free market policies rather than government-imposed price controls. In an open economy industries tend to be privately owned rather than owned by the government. In the area of international trade an open economy is one whose policies promote free trade over protectionism. On the other hand‚ a managed or closed economy is characterized by protective tariffs‚ state-run or nationalized
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to mixed economy. What Is Mixed Economy? According to Amadoe (2015)‚ mixed economy can be defined as “An economic system that features characteristics of both capitalism and socialism. A mixed economic system allows a level of private economic freedom in the use of capital‚ but also allows for governments to interfere in economic activities in order to achieve social aims. This type of economic system is less efficient than capitalism‚ but more efficient than socialism.” In mixed economy private sector
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distribution in the Australian economy? Fiscal Policy is a macroeconomic policy that can be used by the government to regulate aggregate demand and production. Fiscal Policy is implemented through the government’s annual budget and also involves the regulation of aggregate demand by the government changing its level of planned spending (G) and planned tax revenue (T). Fiscal policy has the power to redistribute income‚ reallocate resources and regulate (stabilise) the economy through policies affecting
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Sharks and Australian Fisheries The Fishing industry is the 5th largest food producing industry in Australia. Annually it puts $2.2 billion dollars into our economy each year (afma.gov‚ 2013). Australians consume approximately 16kg of fish and seafood per person per year. This amounts to a lot of fish needed to sustain such a demanding population. Therefore the most important issue for fisheries in Australia is to ensure the ecological sustainability of fish stocks in the long term so that ecosystems
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- Like the American political system‚ the Australian system is divided into two levels (federal and local)‚ For instance the FED cannot tell the local government how to make their local laws and regulate their government and the local can’t do that to the FED. - The Australian Government is different from the United States though in that it has a Parliament like the British. The government is made up of the Prime Minister and his cabinet and at any time the Parliament (which is just like the American
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Week 6 - Technostructural Interventions Restructuring Organisations Org structures should be designed to fit with at least five factors: - the environment - technology - organisation strategy - worldwide operations The Functional Organisation - departments that are task specialised - standard pyramid - specialists are grouped together - adv ::: promote specialisation of skills and resources - disadv ::: tend to promote routine tasks with a limited orientation - best suited for small
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The Australian population currently exceeds 20 million‚ with most of the population located primarily in the cities and along the coast; it also spreads to rural and remote indigenous communities. The Australian Government spends in excess of 66 billion dollars per year on health care‚ averaging out to approx $3‚300 per person. (Medicare Australia 2009) This essay will discuss the structure of Australia’s healthcare system‚ known as Medicare. It will also discuss the role of the Government and
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Government has developed different measures through the Budget to overcome limitations in the free market economy. Thus‚ in the 2012-13 Federal budgets‚ it has in some degree successful to overcome these limitations. Introduce Budget The Australian Federal Budget is an official document that is presented in Parliament to the parliament by the Treasurer. Its main purpose is to reveal the governments planned expenditure and revenue for the next financial year. Limitation Under the free market
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The Modified Market Economy What is a modified market economy? What factors have been responsible for the emergence of this kind of economic system? How do governments influence economic decision making in such systems? Use Australian examples to illustrate your answer. A modified market economy is a market economy in which there are varying amounts of intervention and property ownership by the government. The Australian economy would be classed as a modified market‚ as we have a certain degree
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Chapter 5: The Open Economy 1. In a small open economy‚ if exports equal $20 billion‚ imports equal $30 billion‚ and domestic national saving equals $25 billion‚ how much are net capital outflows? Answer:–$10 billion NX = capital flows = 20-30 = -$10b 2. In Micronesia‚ which is a small open economy‚ if exports equal $5 billion and imports equal $7 billion‚ what is Micronesia’s trade balance? Answer: Micronesia has a deficit trade
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