Australian Economy Analysis

Good Morning/Afternoon Mrs George and fellow students. Today I will be discussing and analysing the economy of Australia and the four key participants. The economy is the state of a country, in terms of the production and consumption of goods and services and the supply of money. Furthermore, the economy consist of three different aspects. “These include - economic policy – policies made to meet economic objectives set in stone by the government; macroeconomics – the entire economy and the variables affecting it; and microeconomics – behaviour of individuals and business within the economy and how they cooperate with the market.” (A.George (class slides), 2015)

The Federal Government introduces laws and economic policies that affect the Australian

These workers come from many different industries such as retail, hospitality and trades. It usually appears in different forms of media to voice opinions on behalf of workers and members, on issues affecting the workers the ACCTU represents. When the government changes or disregards rules and laws, the Australian Council of Trade Unions makes them fair for all workers.

Circular flow is the process of the economy where the major connections are represented as flows of money, goods and services. The process of circular flow starts with the product markets then continues on to businesses, followed by factor markets and then individuals. Circular flow is important for the Australian economy because the government is able to control the Australian economy’s influxes and downfalls by rising and decreasing taxes on general everyday goods.

The economy is the state of a country, in terms of the production and consumption of goods and services and the supply of money. Within the Australian economy, there are many issues that can arise. These include – the economy growing, struggling and tax increase/decrease. The four key participants, The Australian Federal Government, The Australian Competition and Consumer Commission, The Reserve Bank of Australia and The Australian Council of Trade Unions, play a major role in decision making throughout the

What is globalisation? “Globalisation is the expansion of business operations into other countries through the removal of economic barriers and increases in global technology. Globalisation has unrestricted international trade and foreign investment.” (Globalization and International Trade, 2015) The intensity of competition between countries has greatly increased in recent years. Therefore, produces growth in multi-national companies such as, ALDI, Burger King, McDonald’s, The Body Shop and also the Coffee Club.

Multi-national corporations advances technology so that the exchange of information between countries is easier as well as providing potential global customers with faster and safer information