Definitions
Sending goods or services from one country (e.g. Australia) into another country (e.g. China) for sale.
What is an export?
All natural resources used to produce goods and services (e.g., water, minerals, forests).
What is land?
The more money you earn, the more tax you pay.
Progressive tax system
Demand for imports increase and they become less expensive for Australians to purchase
What is the appreciation of the Australian dollar?
A simple diagram which identifies the key groups in the economy and simply explains their relationship to one another.
What is the 5 sector circular flow model?
All natural resources used to produce goods and services (e.g., water, minerals, forests).
What is a factor of production - land?
If I have $5.00 and I am deciding to buy a sushi roll, or a bottle of sparkling water, then if I buy the sushi, ...... is the bottle of sparkling water I gave up.
What is an opportunity cost?
$76,000 - $45,000 = $31,000
$31,000 x 0.325 = $10,075
$5,092 + $10,075 = $15,167 tax payable
What is a taxable income of $76 000?
When the AUD falls in value against other currencies
What is depreciation?
China, Japan, United States, Republic of Korea, India
What are the top 5 countries Australia exports to?
The more money you earn, the more tax you pay.
What is a progressive tax system?
The limited availability of resources compared to the unlimited wants of individuals and societies. Forces choices because not all needs and desires can be satisfied.
What is relative scarcity?
Income Tax (households), Company Tax (businesses - under $50m turnover: 25%, over $50m turnover: 30%), GST (consumers via businesses - 10% Goods & Services Tax)
Where do our taxes come from?
People who own Australian currency
People who benefit from an appreciation of the Australian dollar
Refined petroleum, Passenger motor vehicles
What are the top 2 imported goods into Australia?
Taxes on imported goods using government subsidies (cash payments) to prop up domestic industries.
What is a weapons of trade warfare - tariff?
Cash register
What is a capital item?
Social security and welfare
What is one thing that federal tax revenue goes to?
$15,000 US / 0.80 = $18,750 AUD
What is an exchange rate of $A 1.00 = $US0.80?
Gold
What is a product that Australia both imports and exports?
A simple diagram which identifies the key groups in the economy and simply explains their relationship to one another.
What is the 5 sector circular flow model?
Supply and demand
What are the two forces that determine the price of goods and services in a mixed economy?
•So the Australian Taxation Office (ATO) can identify you
•So the ATO can collect tax from you
•To open a bank & superannuation account or buy shares
•To go to Uni, to pay HECS / Fee HELP
•To get a job and NOT have to pay the highest tax rate
What is a tax file number used for?
Australian businesses that eXport and their workers
People who do not benefit from an appreciation in the AUD
quantity limits on imported goods, unusual product specifications for imported goods, lengthy inspections of goods at entry ports
What are restrictions put on imported goods - quotas? Or What is a weapon of trade warfare - quotas?