Australia: An Economic Clone The Australian economy is a very productive and efficient economy when compared to many other economies throughout the world. An advanced, prosperous, and well-diversified economy allows Australia to be mentioned in the same economic breath with the United States, as well as many western European nations. The economy of Australia is indeed very similar to the one in which we live and is based on similar principles of economic theory. Historically, …showed first 75 words of 1385 total…

…showed last 75 words of 1385 total…capitalism which is present in Australia is the price mechanism. Private property is also held freely by the Australian people. Under the MPD/KCT approach, Australia would be in the “northwest” quadrant, in the relative area of nations such as England, France, and the United States. Again, markets determine the allocation of goods and services. Private property and democracy compose the final qualifications for entry into the “northwest” quadrant of the MPD/KCT economic model.