Sign In
Not register? Register Now!
You are here: HomeEssayBusiness & Marketing
Pages:
4 pages/≈1100 words
Sources:
5 Sources
Level:
APA
Subject:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 19.44
Topic:

The Economic Role Of The Government Research Assignment (Essay Sample)

Instructions:

The task was to investigate the economic role of the government. in the sample, the various ways through which the government of australia contributes to the economic development of the country are discussed.

source..
Content:

The Economic Role of the Government
Name
Course
Instructor
Date
According to Baten and Jorg (2016), the government plays a critical role towards the economic growth of any country. Without the input of the state, there can’t be in anyway, a tremendous growth of the economy. The two authors say that across the world, virtually all the economies are controlled by the government. Some important aspects of the economy include financial issues and budgeting. These are sole responsibilities of the government; it is upon the government to control all matters concerning money and do the budget. The budget includes the allocation of money to the relevant sectors such as education, infrastructure, and industrial innovation. All these aspects apply to Australia. It’s the government of Australia which collects funds mainly through taxation and allocates them appropriately to steer the development of the country. It allocates funds through a budgetary commission referred to as expenditure review committee. Other leading roles of the government towards the economy of a nation as highlighted by Junankar (2013) include stabilization of the national economy, stressing on human capital, investing in people, and orientation of the country trade. The author says that these are all important aspects which any ruling government ought to give the priority.
In Australia, the government being led by the president is very keen on the roles as mentioned earlier. Starting with the focus and growth of human capital, the Australian government has done great. Human capital is primarily achieved through education; it is through education that people are acquitted with` the necessary skills required so as working (Brian, 2007). The growth of human capital in a nation steers economic development since its growth leads to an increased production in the country. Looking at the education system in Australia, the government has done great to ensure a high-quality education for the people. The government of the country has well formulated a system which starts from the primary school to secondary education and then the tertiary level which includes universities and the colleges. Throughout the three tiers of education, learners are acquitted with the necessary skills which they can apply in their workplaces and steer the production of the country. Recently, the government of Australia has commenced a project of constructing classrooms across the Solomon Islands. The classes will be very helpful to many students from one to six across the Island and the country at large who will learn the wonders of design and science. This is an example of an institution being built by the Australian government to boost human capital and consequently the economy of the country.
In the aspect of the orientation of international trade, the Australian government has done great. Trade is paramount for the economic growth of any country (Barten & Jorg, 2016). It is through export of goods that a country can sell and get some income which in turn steers the economic growth. In the year 2015, the two-way Australian trade was worth approximately $670 billion something which shows how important business is to the economic prosperity of the country. Some valuable resources available in Australia include; coal, gold, iron ore, lead, diamond, and uranium. It is the role of the Australian government to control the ownership of these resources and give a legal ownership. The government has established a well-formatted framework to ensure sustainable growth and competitiveness of the country globally. Each sector of trade is closely monitored different state organs and departments to ensure that they are well run. Recently, the federal government of Australia offered $181million loan to Sunshine Coast airport. The purpose of the loan is to extend the apron and construct a new runway. The overall objective of this is to facilitate international trade and boost the economy of the country.
The Australian government has well stabilized the national economy of the country. This is evident as the country has not experienced recession for the last two decades (Junankar 2013). The government must establish proper strategies to ensure that its economy grows. Without the appropriate procedures and policies, the economy of a country falls quickly. The government has a role in establishing economic stabilization policies to keep the commercial growing and making it less volatile. According to a report by the Australian Treasury, the government plays different roles to ensure stability and growth of the Australian economy. To start with, it provides some valuable advice on the global economic policies. Second, it advances Australia’s interest always through global financial organizations and in the international forums across the world. Third, the government monitors and analyses the economic developments of powerful countries with high financial capabilities. It tries to borrow from such economies so as to create a better and stable economy. Lastly, it advances the Australia’s interest among different nations across the world.
Through the construction of infrastructure, the government significantly boosts the economy of a country. This includes the constructi...
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now:

Other Topics:

  • Reference Table 8-1 In The Text For Your Review Criteria
    Description: What minimum requirements for ethics and compliance programs do you identify as Monsanto having implemented?...
    3 pages/≈825 words| 5 Sources | APA | Business & Marketing | Essay |
  • Swot Analyis of a Startup Company: Music Games International
    Description: Music Games International is a start-up company that was began by three individuals to farther their musical interests. They built a great team and for several years explored various ideas in ensuring that they created a saleable product. The team was a little diverse though was mostly composed of creative ...
    6 pages/≈1650 words| 1 Source | APA | Business & Marketing | Essay |
  • Introducing a New Product to the Market
    Description: Put yourself in the position of an entrepreneur who is developing a new product or service to introduce into the market. Briefly describe the product...
    2 pages/≈550 words| 3 Sources | APA | Business & Marketing | Essay |
Need a Custom Essay Written?
First time 15% Discount!