The paper "Economic Ideas about the Economic Progress of Australia" is a perfect example of a micro and macroeconomic case study. The success of a country depends on the interaction of several determinants that work collectively to produce a typical result. The interdependence of the economic factors depends on the economic environment prevailing in a country. In many cases, the aggregate economic performance depends on the manner of interactions exhibited within the various economic variables. However, the differences in the manner in which the variables articulate to determine the kind of aggregate success or failure regarding the financial benchmarking. This evaluation report seeks to focus on the economy of Australia as one of the most successful and outstanding economies in the global front.
Several economic indicators and variables determine the aggregate pattern of economic trends witnessed in Australia. However, this paper seeks to narrow down on three economic concepts which include Unemployment, Inflation and Government Intervention (Price Control & Taxes). The three concepts play different roles in determining the economic standing of the country. 1.1 Purpose of the article The purpose of this article, therefore, intends to discuss the three named economic ideas about the economic progress of Australia.
Also, the discussion seeks to determine the limitations and probable recommendations to improve the economic concepts and the general economic growth of the country. Presently, the Australian economy stands out as one of the most progressive economies regarding financial performance and sustainability. The determination of the limiting concepts, therefore, enhances the path towards progression into economic excellence. 1.2 Background of the Australia economy Studies show that the economy of Australia remains as one of the mixed economies in the world constituting different aspects and activities.
Further, the Australian economy demonstrated a height of AUD$1.62 regarding GDP in the year 2015. The corresponding wealth value in the same year ranked at 6.4 trillion dollars. Further, the economy demonstrated by this country constituted about 1.7% of the global economy as indicated in 2015.
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