Answer to Question #61304 in Other Economics for Bunu
- Historical background of the people;
- The extent of wealth and natural resources in the economy;
- Political will of the people;
- Instability in the mode of governance.
Australian economy is an example of capitalism. It is characterized by the dominance of private ownership of the means of production and their operation for profit. It also uses market economy for coordination. Among the central characteristics of this economic system are: private property, capital accumulation, wage labor, voluntary exchange, price system and competitive markets.
Chinese economy represents socialism, which s featured by social ownership and democratic control of the means of production. Among others, this economy is characterized by planned economy, classes of society, state responsibility for the basic necessities of life, equal opportunity to all, non-existence of competition and limited choice of consumer products, pricing mechanism.
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