BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The United States, England, and Japan are all examples of market economies. Alternatively, a command economy is organized by a centralized government that owns most, if not all, businesses and where government officials direct all the factors of production.

Detailed explanation-2: -Australia’s economic freedom score is 77.7, making its economy the 12th freest in the 2022 Index. Australia is ranked 4th among 39 countries in the Asia–Pacific region, and its overall score is above the regional and world averages.

Detailed explanation-3: -Which of the following is true about market economies? Market economies are more efficient than centrally-planned economies.

Detailed explanation-4: -Australia has a mixed economic system in which the economy includes a variety of private freedom, combined with centralized economic planning and government regulation. Australia is a member of Asian Pacific Economic Cooperation (APEC) and the Trans-Pacific Partnership (TPP).