You must answer the following question to make sure you are applying economic principles to understand the economy’s health and the need to have government intervention. This will allow you to support your analysis and help with your decisions.
Make sure you use correct grammar, spelling, and writing style. You can also support your answer with examples and diagrams if necessary.
Use an appropriate diagram to explain the concept of stable economic equilibrium. Then, give your opinion about whether or not Australia is currently in stable economic equilibrium.
This assignment will help you prepare an answer to a question that is similar to what you are likely to face in the exam.
The following learning outcomes are addressed in the question:
Be able and able analyze and to demonstrate why intervention by government might be necessary in order to produce goods and services, and to distribute income.
Assess the economy in its entirety through analysis of key economic variables. Provide advice on policy options.