Australia Geography & Climate
Define "temperate"
mild temperatures
What are the three basic economic questions?
What? How? For whom?
What type of government does Australia have?
parliamentary democracy
What are the 3 categories of physical capital?
Technology, factories, machinery
Fill in the blank: All income is __________
limited
Define "arid"
excessively hot and dry
True or false: Every country in the world is either a pure market or pure command economy.
False
Name three methods for participating in your democracy
1. Voting
2. Running for office
3. Signing petitions
4. Protesting
5. Contacting your local official
What are the three categories of human capital?
Knowledge, skills, health
What is a budget?
A plan for spending and saving
Describe the climate of Central Australia
arid
Who/what answers the three economic questions in a traditional economy?
Habits and traditions
Who nominates the members of Parliament?
citizens
What is the definition of GDP?
the final value of all goods and services produced in a country in one year
Fill in the blank: Savings are used for ______________
emergencies
What is the name of the three bodies of water surrounding Australia?
Pacific Ocean, Indian Ocean, and Coral Sea
Who/what answers the three basic economic questions in a market economy?
consumers
Who elects the Prime Minister?
the majority political party in Parliament
What is GDP per capita?
the average annual income of the people in a nation
What is credit?
Credit is a loan of money to purchase products/services that one cannot afford out-of-pocket
Is Australia a continent or a country?
It's both!
Who/what answers the three basic economic questions in a command economy?
the government
True or False: Australia recognizes the British Crown as the head of state
True
How are literacy rates connected to GDP?
If a country has low literacy rates, they will have an unskilled labor force who cannot make money to build the country's GDP
What are the three categories of of a budget?
Expenses, savings, entertainment