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Essay / Research Paper Abstract
This 6-page paper focuses on the advantage of Australia's open economy. Bibliography lists 7 sources.
Page Count:
6 pages (~225 words per page)
File: D0_MTopenecon.rtf
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Unformatted sample text from the term paper:
societies make when it comes to issues such as scarcity (McTaggart et al 2006). The science of economics also examines issues and incentives that influences the choices (McTaggart et al
2006). Microeconomics takes this study down to a local level, focusing on individual choice and its impact on the markets, while macroeconomics focuses on the big picture -- in other
words, the study of the national and international economy and how choices influence that (McTaggart et al 2006). On the microeconomic front,
of course, we have the theory of supply and demand, which focuses on the fact that a particular number of goods matching a particular demand of consumers brings an economy
into equilibrium. When an economy is in equilibrium, it means just enough goods are out there too meet the demand -- not too many (to decrease the price and wages)
and not too few (to increase both prices and wages). Into this mix we drop the open economy, which adds an interesting
new dimension to the science of choice, by influencing the supply side of the standard "supply-demand" equilibrium chart. An open economy means more goods are available to satisfy more wants
without a whole lot of trouble. But is an open economy necessarily a good thing for Australia? What, exactly, are the advantages of an open economy from a micro and
macro point of view? Before discussing the advantages of an open economy, however, it would first be helpful to define what, exactly,
such an economy is. In its most basic form, an open economy, also known as a "free-market economy," is defined as one that has open trade with other economies (or
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