What are the functions of money? Is there a link between inflation and how well money fulfills each of these functions? Money has three functions. The first is a medium of exchange‚ an item that buyers give to sellers when they want to purchase goods and services I like the definition from Wikipedia better‚ an intermediary used in trade to avoid the inconveniences of a barter system. As a medium of exchange money helps to facilitate the flow of goods and services by eliminating bartering and coincidence
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The economic policy of a government needs to be supportive of a country’s best interests. It may be argued that the main objective of a government is to promote sustained economic growth to improve and increase the nation’s prosperity (Nellis and Parker‚ 1996). This can only be achieved with structural policies used to enhance the long term economic performance and the creation of a stable macroeconomic environment that will encourage stable growth to take place. This requires management of both
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The economic objectives of individuals‚ firms and government. Economic Objectives of Firms Profit maximization Profit maximization is the process of obtaining the highest possible level of profit through the production and sale of goods and services. Profit is the difference between the total revenue a firm receives from selling output and the total cost of producing that output. Profit-maximization means that a firm seeks the production level that generates the greatest difference between
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Topic: Discuss how Australian government improves the lives of Aboriginal nowadays and how this promotes Australian cultural diversity. Introduction: Aboriginals are indigenous Australians and their ancestors were the earliest humans who occupied Australia. They lived in Australia before British colonization. (Morten Rasmussen et al.‚ 2011) They have the oldest ongoing culture in the world and they could adapt and change with the environment. World’s first usage of stones was invented by Aborigines
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exchange rate and fiscal policy on the Australian Economy in the past twenty-(20) years. Introduction The Australian economy is one of the most stable globally and the floating exchange rate has played an important role in maintaining that stability. This essay seeks to assess the relative importance of the floating exchange rate and fiscal policy on the Australian economy over the past fifteen-(15) years. In order to do so‚ it looks at the history of the Australian economy over that period‚ how it
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collecting more money on efficient taxes that encourage economic activity‚ and also the added influx of cash from the weakening underground cash economy in Australia. The economy would stabilise due to the substitution of old taxes with new and improved taxes that encourage economic growth. The Goods and Services Tax (GST) in Australia is a Value Added Tax (VAT) on the supply of goods and services in Australia. It was introduced by the Howard Government on 1 July 2000‚ replacing the previous Federal wholesale
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leave the country they have been living in such as economic‚ politic‚ cultural and environmental. (National Geographic Society‚ 2005). According to the Migrations Expert (2012)‚ immigration is assumed to have occurred first in Australia over 50‚000 years ago when the ancestors of Indigenous Australians arrived through the islands of the Malay Archipelago and New Guinea. Furthermore‚ Department
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excellent example to the world of a democracy which values the participation of its citizens in all levels of government. Discuss” In this essay I will examine the development of Australian society and subsequent rights given to Australian citizens‚ thus addressing the guiding question as quoted at the top of the paper. Australia is run by a democratic system at all 3 levels of government (Federal‚ State and Local). Democracy means in Greek "rule by the governed". A democrary has key fundermentals
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rather than supporting it so it can grow strong again. Instead of being a dead weight to Australian economy‚ the automotive industry is a great contributor to it. The Abbot cabinet shouldn’t burden this weakened industry with tariffs that will ultimately lead it to its doom; instead‚ it should invest more in it‚ understanding its real value and accepting that it hasn’t received enough attention. The government focuses more on primary production‚ like cattle‚ mining or grains; little is left for transforming
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them. The Roundtable discussion made it apparent that Australian federalism is dysfunctional and needed shaping up. The reasons included a combination of external and internal factors and pressures. The pragmatic reform process could address these factors and pressures to improve Commonwealth-State relations. This could achieve enhanced policy outcomes for the Australian community and provide a system of government that “delivers the Australian people the opportunities they deserve” (Brumby 2008)
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