Economic Systems
Australia's type of economic system
What is a mixed economy?
A limit on international trade.
What is a quota?
The percentage of people over the age of 15 that can read and write
What is literacy rate?
What industry does Australia specialize in?
What is mining?
The capital of Australia
What is Canberra?
On the economic continuum, Australia is closet to being a ____________ economy.
What is market?
When one country bans trade with another country.
What is an embargo?
GDP stands for
What is gross domestic product?
Australia has a large supply of this natural resource
What is coal?
This monolith is located in the Northern Territory of Australia
What is Uluru? (Ayers Rock)
The government makes some economic laws in Australia. This is a characteristic of a ___________ economy.
What is a command economy?
A tax on trade
What is a tariff?
A high literacy rate usually means a country will also have
What is a high standard of living?
Coal is used as fuel for what in Australia?
What is electricity?
The Great Barrier Reef is located in which body of water
What is the Coral Sea?
Aborigines practice what their ancestors did for a living. This is a _____________ economy.
What is a traditional economy?
What is needed for countries to trade with other countries (in terms of money)
What is a currency exchange system?
When a country invests in the healthcare, education and training of its citizens
What is human capital?
What does Australia's GDP depend on the most?
What is the export of natural resources?
This country is a continent and the continent is an island
What is Australia?
The three economic questions that an economic system must answer.
What to produce? How to produce? For whom to produce?
To obtain the goods and services they need in the most efficient way
Why do countries trade and practice specialization?
If a mining company in Australia is less productive due to broken equipment, what should the company invest in?
What is capital goods?
Why does Australia have free trade agreements with other countries?
What is to exchange goods without restrictions?
This date starts Teacher Appreciation Week
What is MAY 5th?