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Austrailan economics
Question | Answer |
---|---|
Why do Australians have to exchange currency (Money) in order to trade with other countries? | In order to make trade easier To sell things in a reasonable price |
Natural resource that is important to Australia’s economy | Bauxite & gold |
How do you Australia’s economic system encourage entrepreneurship? | They make it easy to start a business. The paperwork can be completed in 5 days. |
What are capital goods? Give some examples. | Items that are used to make other goods or provide services computers, factories, pencils. |
What is difference between a mixed economy and a true market economy? | Mixed economy will have some government regulations. |
Because most economies have characteristics of command and market economy, we say they are what type of economic system? | Mixed Economy |
Australia’s early Aborigines made economic decisions based on customs or beliefs. This would be an example of which type of economic system? | Traditional Economy |
What has helped Australia to have a high GDP? | Investing in Human Capital, Encouraging Entrepreneurship, & Investing in Capital Goods |
How are tariffs & quotas alike? | They raise the price of the imported good to encourage the buying of domestic products. |
Which trade barrier discourages trade by placing a tax on foreign goods? | Tariff |
What is currency of Australia? | $$ Australian dollar $$ |
Example of investing in capital goods by a company | Keeping equipment & technology up to date |
Who sets price for goods in Australia? | Companies based on supply& demand |
Most democratic nations have which type of the economic system? | Mixed, more on market |
What do the economic systems of Australia, Brazil, Mexico, & Canada have in common? | All mixed close to market Australia Brazil Mexico Canada <----------------> |
What is an important role of entrepreneurs in Australian economy? | Create jobs |
When a govt. decides to increase a tariff, it increases the amount of a tax placed upon what? | Imported good |
How do the 4 economic systems answer the 3 economic questions? |