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ECO511 - Economics for Business

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 ECO511 - Economics for Business

Introduction

The research aims at examining and demonstration of the possible reasons responsible for the government to intervene in the production of goods and services thereby determining the distribution of income. With the application of economic principles, the Australian macroeconomic conditions are identified thereby determining their policy decisions.

Critical evaluation of the importance of government intervenance in the production of goods and services and in the distribution of income

The intervention of the government in the private markets is based on several objectives all of which aim at regulating the economy of the given country. One of the main objectives includes the maximization of social welfare in the country thereby inducing the regulatory policies to avoid any form of market failures. In order to enhance the macroeconomic performance of the country, the government induces several aspects such as controlling inflation by adopting several monetary policies to maintain balance in the economy.

Keeping a check on the balance of payments help to promote the trade system of the chosen country. The government is also responsible to prevent any form of economic boom or explosion of credit to maintain balance in the market system and in the production of goods and services thereby determining the distribution of income of all. The socio economic objectives such as promotion of safety followed by sale of those products, aim at fulfilling their needs accordingly thereby maintaining balance.

Critical analysis of the health of an economy by taking major economic variables of US, China and Australia

Macroeconomic refers to the study of the behavior of the economy of the country as a whole thereby inducing the related individuals to take important decisions which are dependent on various economic indicators. It is therefore essential to forecast the economic conditions which may turn up in the market which would involve the customers, producers and the government as well.

Taking the help of GDP helps to design the tax structures accordingly to bring about higher level of outputs. In our chosen countries, Australia, China and US,it has been seen that the macroeconomic conditions that prevail are based on several economic policies which act as tools to stabilize the economic environment thereby helping in the country's economic growth. By inducing the fiscal policy, the government has a direct influence on the economic activities that take place thereby determining the taxation structure and the capital expenditures incurred. Maintaining a structural position for budget helps to maintain balance in the demand and supply of products and services thereby keeping in mind the long term goals (Shahiduzzaman&Alam, 2014).  Other essential policies that have been implemented for keeping a check on the economic transactions in the country involve monetary and exchange rate policy which help to facilitate the flow of resources effectively thereby improving the standard of living for all with added benefits. Here it has been evident that  the three countries are in equilibrium which has been evident from the real and the gdp equilibriums of the countries.  Moreover it needs to be stated here that the AD curves of the individual countries along with the 45 degree line.

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