ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional economic system
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Communist/command economic system
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Mixed economic system
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Market economic system
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Detailed explanation-1: -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).
Detailed explanation-2: -Australia is a highly developed country with a mixed-market economy. As of 2022, Australia was the 14th-largest national economy by nominal GDP (gross domestic product), the 20th-largest by PPP-adjusted GDP, and was the 22nd-largest goods exporter and 24th-largest goods importer.
Detailed explanation-3: -Countries like the United States, United Kingdom, Germany, France, Russia, and China currently have mixed economies.
Detailed explanation-4: -Australia is a federal parliamentary constitutional monarchy. The country has maintained a stable liberal democratic political system under its constitution, which is one of the world’s oldest, since Federation in 1901.
Detailed explanation-5: -Australia’s economic freedom score is 74.8, making its economy the 13th freest in the 2023 Index. Its score is 2.9 points lower than last year. Australia is ranked 4th out of 39 countries in the Asia–Pacific region, and its overall score remains well above the regional and world averages.