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Austrailan economics

QuestionAnswer
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?
Created by: 100000143945728
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