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D - SS - Unit 5
Australia's Economy, GDP & Nat Resources
|What type of economy does Australia have?
|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)?
|What is Australia's GDP ranking in the world?
|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?
|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?
|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?