Whether we like it or not, economic issues are of great importance. At a more aggregated level, nations also face similar problems, since none has yet reached the utopian position in which all material wants are satisfied, although some political economists contend that this is a problem of unequal distribution rather than inadequate productive capacity. Economics concerns itself with the study of how these issues are confronted and how they may be resolved. The conditions in the late 1990's and beyond make some exposure to economic analysis imperative since many economic problems have intensified in recent years. The Australian economy and the global economy face continuing difficulties.
Unemployment is persistent.
International trade and debt pose major problems. Financial markets face periodic crises. Answers that once seemed to be acceptable are evidently no longer appropriate. Economics as a subject is never settled. A student will not find ready and simple answers to how our economic system functions.