Economic Systems
Australia Economy
Trade Barriers
Specialization and Currency
Economic Growth
100
Australia’s early Aborigines made economic decisions based on customs or beliefs. This would be an example of a
What is traditional economy
100
Australian Aborigines used this type of economic systems
What is traditional
100
Tax on imported goods
What is tariffs
100
What is the name of the currency used in Australia?
What is dollar
100
A natural resource is
What is something found in nature
200
Economy where the government makes the economic decisions.
What is command
200
What is an important role of entrepreneurs in the Australian economy?
What is They provide new jobs for Australian workers
200
The Prime Minister of Australia plans on implementing a new trade policy that will limit the number of imported goods. What type of trade barrier places a limit on the number of imported goods?
What is quota
200
another name for currency
What is money
200
Australia’s businesses use advanced technology and up-to-date machinery. This is an example of investment in
What is capital resources or capital goods
300
• The government has laws to protect private property owners . • Courts enforce laws to protect consumers and businesses. • Prices for goods and services are based on what consumers agree to pay. • The government has few trade barriers such as tariffs and quotas.
What is mixed economy
300
18. In Australia, every 12 adults own his or her own business. The laws in Australia protect businesses and it is easy to start a business with few rules to restrict the business. Based on this information, does the Australian government support or oppose entrepreneurship
What is Australian government supports entrepreneurship.
300
To increase the prices of imported goods and protect a country's own industries from foreign competition
What is purpose of a tariff
300
What do you have to do if you were traveling to Australia and wanted to buy something there?
What is exchange currency
300
Three Australians began a company selling diamond earrings. They bought a small warehouse as the place to start the business. They purchased diamonds and gold from local mines. They hired artists to create new and original designs. The artists hired to create the designs are examples of
What is human capital
400
In a traditional economic system people usually exchange goods or services rather than use money. What is this called?
What is bartering
400
Describe Australia's economy
What is one of the freest economies in the world
400
Australia tries to encourage trade with other countries. However, in 1998, Australia imposed a trade barrier with Yugoslavia which banned all trade with that country. Australia banned trade with Yugoslavia because of political reasons. What type of trade barrier bans all trade with another country?
What is embargo
400
Why do Australians have to exchange currency in order to trade with other countries
Because other countries do not uses the same currency as Australia.
400
Australia has a very high GDP and a high standard of living. -The government provides schooling for all children. -The workforce is very well trained and educated. -The health care system is Australia is very good. These are all examples of investment in:
What is human capital
500
A market economy is very different from a command economy. What is found in a market economy that is not found a command economy?
What is competition or entrepreneurship
500
What type of trade barrier would achieve the following: • protect local Australian surfboard manufacturers from foreign competition, • Generate more TAX revenue for your state government.
What is tariff
500
Australia mines its minerals resources and makes money selling those to China then Australia buys computers from China instead of making them in Australia.
What is specialization
500
The Prime Minister of Australia is on T.V. He is explaining a plan for improving the Australian economy. In his speech, the Prime Minister says: “Our economy is too dependent on imports of oil from foreign countries! My plan for energy independence will focus on using sources of energy we already have here in Australia – including oil and natural gas, wind, and solar power. We will spend government money for research and building of new facilities to better use our resources.” This is an example of investment in
What is capital goods or capital resources
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