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D - SS - Unit 5

Australia's Economy, GDP & Nat Resources

QuestionAnswer
What type of economy does Australia have? mixed economy
Why is Australia's economy considered to be very close to a market economy? business operate without too many government rules, people are free to start a business and can do so quickly, and courts use the Australian laws to protect the property rights of citizens
How are prices set for businesses and industries? by the agreement of buyers and sellers, instead of by government rules
Why is competition between sellers good for buyers? it helps to keep the prices good
The Australian courts are considered to be what? fair and honest
How long does the paperwork usually take to start a new business? less than a week
What is Australia's GDP per capita (value of goods and services produced per person)? $43,300
What is Australia's GDP ranking in the world? 19th
Why does Australia have such a high GDP? due to the abundance of the 4 factors of economic growth within the country
What are the 4 factors of economic growth? natural resources, human capital, capital goods and entrepreneurship
Why are natural resources important to countries? without them , countries would have to import the resources they need, which is very expensive
What can a country do if it has too many natural resources? trade or sell them to other countries
What is a valuable resource? arable land
What do farmers grow? a variety of crops and livestock
What does the land provide for this important export? pastures for beef cattle
What percentage of the land is arable? 6.16%
What are the major agricultural products? wheat, barley, sugarcane, fruits, cattle, sheep and poultry
What minerals are a major export? coal, iron ore, copper, tin, gold, silver, uranium, nickel, tungsten, mineral sands, lead, zinc, diamonds, natural gas & petroleum
Australia is the world's leader in what 2 minerals? bauxite & coal
What is a use of bauxite? make aluminum
Created by: lprinke