Economy of Australia vs Vietnam

Section A
The economy of Australia is classified as a developed mixed market economy as it combines elements of a market economy and a mixed economy. A market economy is where the economy is based on a division of labour and the prices of goods and services are determined in a free price system. A mixed economy is where there is a variety of private and government control, as well as a mixture of capitalism and socialism. This essentially means that decisions are made by producers and consumers and the government ensures that equality in these decisions. Australia’s private sector and government sector both have significant roles in economic decisions. The private sector has ownership of property, ability to ensure freedom of enterprise and ability to create competition between consumers. The government sector intervenes by regulating and enforcing a law system, providing collective goods and services to the community, produce goods and services that would not normally be produced by the private sector, to redistribute income and try to ensure equality between people and to stabilise economic activity to achieve macroeconomic goals. An example of this would be that the private sector allows individuals to earn an income that reflects on how they are contributing to the community, but the government sector would tax them on their income so it can be distributed back into the community. This economic structure is effective for Australia as over the last 15 years, Australia has grown at an average annual rate of 3.6%( is well above the OECD average of 2.5% (
Section B
When compareing the economy of Vietnam and the economy of Australia, it is wise to take into account large population differences. Vietnams population is around 80 000 000...