The Economic Growth Of Australia

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Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth. Today I’ll be talking about 3 different economies and the procedure they use to solve the simple economic problem. The issue that every economy appears to have is this desire to have an unlimited supply of goods and services however it is almost impossible to accomplish that.
Firstly, Australia operates under a mixed market economy. A market economy is an economic system in which production and prices are determined by unrestricted competition between privately owned businesses. The sellers are the businesses and their output decision makes up the supply of products. Australia is the 13th largest economy in the world. One of the
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Perhaps most importantly, the federal government guides the overall pace of economic activity, attempting to maintain steady growth, high levels of employment, and price stability. By adjusting spending and tax rates or managing the money supply and controlling the use of credit, it can slow down or speed up the economy 's rate of growth.
Unlike Australia and the United States of America, Spain’s economy suffers from a crippling downturn in the financial crisis. Substantial amounts of foreign investments are helping Spain’s economy grow. The Spanish economy on average expands 3% each year. Spain had one of the fastest rates of expansion in the EU in 2015, their economy grew by 3.2 percent. The main reason why Spain’s economy expands at a decent rate is because of tourism. Tourism is the strongest industry in the country and has helped to sustain rapid expansion of the Spanish economy. One should take into consideration that the fact is that tourism in Spain is booming in comparison to other industries such as imports, exports, investments etc. Travelling has become more facilitated and is taken into account as a human that it to be explored. On average Spain gets about 63 million tourists every year. Australia is considered one of the best places in the world to raise a family, while also coming second in the sub-rankings for both the availability of education and
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