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Economics for Business Solved Assignment

   

Added on  2021-02-20

10 Pages3232 Words24 Views
Economics for Business

Table of ContentsINTRODUCTION...........................................................................................................................1Industry Background...................................................................................................................1Market Structure..........................................................................................................................3The Industry's associated issue....................................................................................................4Impact of the issue on the industry and on Australia Economy..................................................6Government Policy......................................................................................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8

INTRODUCTIONBusiness economics is the combination of all the economic theories with an aim offacilitating the decision-making and also forward the planning by a management. Thus, it presentreport aim is to raise the research, analytical skills as well as economic knowledge. The study isbased upon the property market of Australia and describe the industry background, marketstructure. Further, report will describe different issues related to industry and its impact upon theindustry as well as economy of Australia. Lastly, it will present how government intervene intomarket using policy.Industry BackgroundProperty Market comes under the Real Estate Market and in Australia, the propertymarket consist of trade of land and different permanent fixtures which are located in Australia. Itis analysed from the statistics that the average Australian Property price grew approx 0.5% peryear from 1890 to 1990 after the inflation rate. While on the other side, it is realized that up to2017, the Australian Property market is increases at faster rate. In addition to this, it is alsoobserved that there is a drastic change in the residential housing market because the property isascending in some major cities such as Sydney, Perth and Hobart. Such that the median houseprice is Sydney is peaked around $770000 in 2016 (Australian Housing Market, 2018). But onthe other side, due to stricter credit policy and falling interest from the foreign investors in theresidential property, the prices of the houses is also felling in some major cities. As per thestatistics, when compared with the rise prices in 2017, it is analysed that the housing prices arefell up to 11.1% in Sydney and 7.2% in Melbourne in 2018 (Moorhead and Armitage, 2019). 1

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