Interventions
Debt & Deficit
Failures
Terms
Random Facts about Australia
100

Examples of these would include police force, national defense, and the postal system.

What are Direct Services?

100
It is only defined as "money owed," but can land consumers and governments into hot water when not paid.
What is debt?
100

When a private industry is not performing efficiently, equilibrium is not met, or resources are grossly wasted, it is known as this type of failure.

What is Market Failure?

100

"A financial plan for expenses and income."

What is a "Budget?"

100

Strangely, the Australian Alps get more snow than the other Alps - located on this continent.

What is Europe?

200
This is provided to Consumers and Producers, by government, but only if they meet certain criteria.
What is Direct Assistance?
200
When the total sum of revenue is equal to expenditures, we have one of these.
What is a balanced budget?
200
Government Failure occurs, economically, when efforts to intervene in Market Failure do this.
What is "make the situation worse"?
200

"Given to low-income families for food and basic needs."

What is "Welfare?"

200

This is the largest ecosystem in the world - located just off the coast of Eastern Australia.

What is the "Great Barrier Reef"?

300
These three methods of Regulation and Control focus on price - both of employees and of goods and services.
What are minimum wage, price floors, and price ceilings?
300
A governmental deficit occurs when these are greater than revenue.
What are expenditures?
300
It is a legal judgment that a person or business can not meet its debt - and we hope the U.S. never has to declare one.
What is bankruptcy?
300

"All money spent" (particularly by a government or business)

What are "expenditures?"

300

While Australia's white population traces to exiled prisoners from England, there IS a large native population, known as these.

What are Aborigines?

400
"Stabilization and Growth" refers to government efforts to combat depression, inflation, and the effects of this.
What is recession?
400
They are the three ways a Government is NOT "like a business."
What are revenue, productivity, and budget?
400
A "Depression" occurs when a recession lasts at least this long - and will not recover without assistance.
What is two years?
400

"Any item with economic value."

What is an "asset?"

400

The cleanest air in the world is found on this island, south of Australia, and home to "devils."

What is Tasmania?

500

A person who loses their job without cause may qualify for this Direct Assistance program, although there is a time limit for how long it can be collected.

What is Unemployment pay?

500

In October, 2022, the U.S. National Debt passed this gargantuan sum.

What is $30 Trillion?

500
Many Government Assistance Programs were created to fight The Great Depression as part of this economic recovery plan - proposed by FDR.
What was the "New Deal?"
500

"An upper limit set on the amount of money that a government may borrow."

What is a "debt ceiling?"

500

While there are many venomous species and nightmarish creatures, the most deadly animal in Australia is a type of this animal - complete with blue rings.

What is an octopus (blue-ringed octopus)?

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