ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Producers can produce whatever they wish
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Businesses can act independently without government interference
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Government is involved in regulating and owning some businesses
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Government owns all businesses
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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: -Different countries have different economic models. In some countries, the government has a prominent role in deciding what goods and services will be produced. The Australian economy is market-based.
Detailed explanation-3: -A mixed economic system is a system that combines aspects of both capitalism and socialism. A mixed economic system protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims.