The mixed economy of Australia is becoming more of a market economy as fewer economic decisions are made by

1 answer:

7 0

Market economies are based on market forces like supply and demand. Mixed economies fall in the middle of market and command economies (where economic choices are governed by some central entity usually the government). The former Soviet Union (USSR) is an example of a command economy where economic choices (what to buy, sell and produce) where made by the government. If Australia is becoming more of a market economy and less of a mixed economy, fewer decisions are made by the government. Here's a diagram of two major types of economies:

Command Economy <-------------- Mixed Economy --------> Market Economy
(Government makes the decisions) (A little of both) (Individuals decide)

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