Why Nations Trade
What is the term for the exchange of goods and services?
Trade
Which sector makes the greatest contribution to Australia's exports
Mining
Define goods and services
Goods - physical products
Services - activities provided by others.
When goods and services are being sold and shipped to another country, they are being ____________.
Exported
Who is known for his title "King of Pop"?
Michael Jackson
the United States exports more goods than any other nation except this country
China
Which sector makes the greatest contribution to Australia's imports?
a) Personal travel services
b) Refined Petrol
c) Cars
A) Personal Travel Services
Define trade
The exchange of goods and services
When two countries negotiate a deal that will regulate trade between them, it is known as a ___________ ______________.
Trade Agreement
What is the birth range for Generation Z?
1997 - 2012
Most of the goods imported into Australia come from these three countries
China, United States, and Japan
What was the approximate value of Australia's exports in 2018-19?
A) $400 million
B) $4 billion
C) $400 billion
D) $4 trillion
$400 billion
Define GDP
The total economic value of goods and services produced by a nation.
What are the five sectors of the circular flow model?
household, firms/business, financial, government, overseas.
What significant technological device debuted in 2007?
iPhone
What is Australia's ranking as a world export? (as of 2022)
a) 8
b) 16
c) 27
d) 30
b) 16
Which of the following is NOT one of Australia's main exports:
A) Wine
B) Smartphones
C) Beef
D) Gold
Smartphones
Define supply chain
The links required to move a product from supplier to consumer.
Today, the production of most goods around the world happens in this continent
Asia
How many hearts does an octopus have?
3
What is a reason why companies trade internationally?
Access to international markets, increased revenue
Give two reasons why tourism benefits the Australian economy.
Answers can include: support economy, employment/income, improved infrastructure
Define interdependence
The relationship of mutual need between regions/nations. (for trade etc.)
Place the following proccesses of the supply chain in the correct order:
Manufacturing, Supply, Retail, Marketing, Distribution.
What is Eminem's real name?