Mixed Bag
What term is used to describe buying and selling across international borders?
What is trade?
Bringing in goods and services from other countries is known as?
What are imports?
The sale of goods or services to another country is known as?
What are exports?
Identify the term used to describe the total amount money a country earns.
What is GDP?
True or false. Buying a product online from overseas is not trade.
False
Name Australia's most imported product.
What is petroleum?
Why are exports important to the economy?
They create money, wealth or income.
What does GDP stand for?
What is Gross Domestic Product?
Since the closure of Australian car builders, how do we get cars?
What are imports?
Give two reasons why a product may be imported.
We may not make that product or it may be cheaper overseas.
Are our major exports expressed in millions, billions or trillions of dollars?
What are billions?
Is Australia's GDP 1752 million, billion or trillion?
1752 billion.
Which country provides the most overseas students to Australia?
What is China?
Apart from petroleum, what other product is one of our biggest imports?
What are motor vehicles?
In $, what is Australia's most valuable export?
What is iron ore?
Does trade make up 10%, 30% or 50% of our GDP?
Approximately 50%
From which region or part of the world do most overseas students come?
What is Asia
Although not a "product", on what other commodity do Australians spend $37 billion each year?
What is personal travel?
Apart from commodities like iron ore, coal and gas, what is Australia' other large export?
What are education services?
If trade makes up 50% of Australia's GDP of $1752 billion, how much is that?
Approximately $876 billion.