Outline and Discuss the Australian Economy and how It Attempts to Solve the Economic Problem

Australia attempts to solve the economic problem by the implementation of its mixed economy. The Australian economic system resides between a planned and free market enterprise, leaning more towards a free market with some government intervention. With a definable economic state, it becomes possible to further outline the aspects of it and how it actually attempts to address the economic problem.
The economic problem plagues all consumers. It can be defined as the allocation of scarce resources amongst unlimited wants. It is the Government's duty to introduce an economic system as to allocate the production, distribution and consumption of goods and services in a particular society and therefore address the economic problem.
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