outline the type of economic system Australia hasExplain the difference between macro and microeconomic policies with relevant examples of policies

1. Economic System of Australia:

Australia has a mixed-market economy, which is a blend of market, traditional, and command economic systems. It operates on the principles of supply and demand where the prices of goods and services are determined in a free price system. The Australian economy is characterized by the private ownership of the means of production, but also has a significant degree of government intervention and regulation.

2. Difference between Macroeconomic and Microeconomic Policies:

Macroeconomic policies are government policies designed to influence the overall performance of the economy. They are aimed at achieving sustainable economic growth, low unemployment, and low inflation. An example of a macroeconomic policy is the monetary policy implemented by the Reserve Bank of Australia, which involves the management of interest rates to control inflation and stabilize the Australian dollar.

Microeconomic policies, on the other hand, are aimed at influencing individual sectors