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Economy
Australia
100
What are characteristic of a free-market economy?
A The price of goods is determined by supply and demand
100
Who sets the price for goods in Australia??
Buyers and sellers agree on prices
200
In a command economy, the question of what goods to produce is primarily determined by
Government plans
200
How will natural resources impact our country if we run out?
If our natural resources run out we will have nothing to trade or we will not be able to use them for our everyday lives.
300
How can people be considered a resource?
People’s labor is exchanged for wages or salaries.
300
Why are natural resources important to the aborigines?
Natural resources are important to the aborigines because they need them for their everyday life.
400
Why might a country place a tariff on a product it imports?
To protect the products made in its own country
500
What is an important effect of Europe’s investment in human capital and capital goods?
The European Union has larger economy than the United States