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(Solution) Assignment on Economics for Business

   

Added on  2021-06-17

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Running head: ECONOMICS FOR BUSINESSEconomics for businessName of the studentName of the universityAuthor Note
(Solution) Assignment on Economics for Business_1

1ECONOMICS FOR BUSINESSTable of ContentsIntroduction:...............................................................................................................................2Article review of the selected concept:......................................................................................2Article Analysis: Insight from economic theories.....................................................................3Recommendation........................................................................................................................4Conclusion:................................................................................................................................5References:.................................................................................................................................6
(Solution) Assignment on Economics for Business_2

2ECONOMICS FOR BUSINESSIntroduction:Oligopoly, monopoly and duopoly market structures within different segments ofAustralia can be seen. For instance, electricity distribution and public utilities represent asmonopoly market while industries like banking, grocery super markets andtelecommunication perform under oligopoly market structure (Tyers, 2015). Moreover,airlines of Australia operate their business with the characteristics of Duopoly market. Thoseimperfect market conditions represent that few firms with large scale of operations enjoy theentire market share and earn huge amount of revenue. However, this specified sector hasintended to discuss about the banking sector of Australia with the help of basic economicconcepts. Moreover, this report can provide some recommendations for this sector with thehelp of which policymakers of this country can take new rules and regulations for the purposeof economic welfare. Article review of the selected concept:Highly concentrated banking sector of Australia has drove out competition as fourmajor banks have captures significant market share within this industry. According to theAustralian Competition and Consumer Commission (ACCC), this specified banking sectorhas adopted a four-pillar system, where few players have captured huge power forinfluencing price and production (thenewdaily.com.au 2018). this structure of activities haverepresented an oligopoly market, which has been dominated by four largest banks, namely,National Australia Bank (Nab), Australia and New Zealand Banking Group (ANZ),Commonwealth Bank (CBA) and Westpac (WBC) (Selmier, 2016). Several characteristics ofretail banking have indicated that this banking structure does not have any competition andconsequently, they have maintained a huge profit margin for a long period. This in turn hasnegatively affected smaller players who have provided small range of services compare tothese four banks and consequently they have remained unable to perform and challenge the
(Solution) Assignment on Economics for Business_3

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