Economic Terms
The workforce, or people of a country
What is human capital?
A tax levied against a particular good or country
What is a tariff?
The Head of State of Australia is also known as this
What is the King/Queen of England?
This is the term which describes the percentage of adults who can read and write
What is Literacy Rate?
These two types of PURE economies do not exist in the real world
What are Market and Command Economies?
Machinery, Equipment, software, and tech are all types of this
What are capital goods?
A limit placed upon the importation of a certain good
What is a quota?
The Royal Family appoints someone to represent them in Australia, this is that person's title
What is the Governor-General?
This term refers to someone's quality of life, or a measure of what resources they have available to them
What is Standard of Living?
This type of economy is controlled by the government
What is a Command Economy?
When a good is brought into the country it is called this
What is an import?
Something like a mountain or river which makes trade more difficult or impossible
What is a natural barrier?
This person is the Head of Government, or the Chief Executive, of Australia
What is the Prime Minister?
This measurement tells us how much money or wealth a country produced over an entire year
What is GDP/Gross Domestic Product?
This type of economy has a blend of both market and command economies
What is a mixed economy?
When a country sells its goods to another country, that good is known as this
What is an export?
It is the only trade barrier which is designed to specifically hurt another country
What is an embargo?
This legislative body makes the laws for the country
What is Parliament?
The literacy rate of a country is a good indicator of this:
What is Standard of Living?
This economy is completely unregulated and "free"
What is a market economy?
A country may focus on producing a certain type of good in order to be most efficient, normally it is known as this
What is specialization?
When there are no barriers to trade whatsoever
What is free trade?
These people choose who the Prime Minister will be
What are members of Parliament?
This type of government has the legislative body elect the Head of Government, also called the Chief Executive
What is a Parliamentary Democracy?
This rare type of economy is the one which best describes how Native Americans and the Aborigine lived
What is a traditional economy?