Australia is one of the many countries that were hit by the just recent global recession that hit the world. In many of the countries, they are still in the process of recovering because their banks and governments took time to work on tit and, therefore, had devastating effects on them. …
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While these were being implemented, their application had to be prioritised so that the government would offer what was socially and economically healthy to the citizens. These policies were to be implemented to improve the supply side structure of the economy and, therefore, touched on the firms, markets and industries. In this, the government aimed at improving the efficiency of firms, its productivity efficiency and effectiveness as it argued that much of the things that made the country to lag behind were caused by micro economic factors and not majorly from the external environment.
The government minimised the distortions that apply in the market so that it remains competitive and productive and have a more efficient allocation of resources. This locative efficiency has allowed the resources to flow to areas where they are used more efficiently. The tariff protections have been removed from the industries which are inefficient. This has allowed the diversion of resources to areas which are more productive and, therefore, increasing the output.
The government has subsidised the costs of importation of the new technology in a bid to increase the efficiency in production with minimum costs. This has been the case as the technically efficient industries have had reduced use of resources of which has helped to shift them to other areas of the economy. The reduction of government regulations helped the producers to venture into new markets and to respond quickly to the changing patterns in the economy and demands that come with it. This has set up the pace for the introduction of new technologies and inventions as well as bringing about competition that is fit for the structural changes.
The government adopted the trade practices act that is meant to reduce competition through the collusive prices. This has also enabled new firms to enter the market and compete with the already existing firms. The government has removed the rigid regulations which used to control the market movements and has left the flow of the market been regulated by the demand and supply forces. The deregulations included the floatation of the dollar plus the removal of the control of RBA on the banks. These deregulations extended to the transport and telecommunication industries. This led to greater efficiency and productivity in these sectors, which was reflected in the whole economy. These were highlighted in the national economic reform policy which dated back to 1995. The government set up policies to ensure corporatisation and privatisation. This has brought about structural changes in the government business enterprises and has, therefore, ended up working independently from the government eradicating political interference in their working. Industries like Qantas and Telstra have been privatised to be more competitive. The government carried out reforms in the labour market, where there arose a
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This means the additional cost per additional unit of output (BBC Economy tracker, 2010). This is the difference between total costs per every additional unit of output. The marginal cost is abbreviated using (D) (Q) (TC) (D) Average revenue is the average revenue obtained per unit of output.
The article above states that there are 6 major companies, which dominates the agricultural chemical market, therefore, this shows that there are a few firms between which shares a large proportion of the industry (Lipsey & Chrystal, pp. 176-177, 1999). In an oligopoly, the firms might produce a virtually identical product that in this case is the agricultural inputs such as the world’s seed, pesticides, and biotech industries.
Introduction The very recent outburst of the housing price bubble in the most advanced and developed economies of the world has raised in serious concerns about the management of the macroeconomic tools, measures to combat the inflationary pressures especially by the public authorities, as that led to a financial crisis, and the consequences of the financial crisis had to be faced by the global financial economy.
1). The country’s economy grew by 2.1% in 2011 and by 3.3% in 2012 (Index Mundi 2013, par 1). Going by purchasing power parity, the economy had a GDP of 910.5 billion U.S. dollars in 2010, 930 billion U.S. dollars in 2011, and 960 billion dollars in 2012.
This research work is aimed to find out the relationship between those three markets. In the introduction the actual topic is introduced. A brief explanation about all the three markets is given in this portion. In the literature review the topic is discussed in detail.
The company that has the market power will practice limiting price strategy by lowering the prices of the product below the monopolistic market price or may either threaten to lower the prices of the product in any case the other
It has two components, a foreign currency and a domestic currency, and can be indirectly or directly quoted. Exchange rates play a crucial role in the level of trade of a country, which is vital to free market economy around the globe (Piggott &
In connection to this, a few years ago Santander Bicycle scheme was introduced by London so as to give people opportunity to hire bicycles from various docking stations in London. This was also intended to improve people’s fitness and reduce traffic
4 Pages(1000 words)Coursework
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