A Comparison of the Australian and North Korean Economies.
Australia's economy is labelled as 'mixed-market' -this involves both individuals and the government playing a role in the economy. What to produce is determined by the interaction of consumers, businesses and the government in the market place. Consumers are sovereign in the market place because although business people try to influence what they buy through advertising, it is ultimately consumers' decisions that prompt them to produce one good over another. Australian individuals have quite a lot of economic freedom however the Australian economy works within an overall frame…
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