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D - SS - Unit 5

Australia's Capital Goods, Human Capital & Entrepreneurship

To increase GDP, what do countries have to invest in? capital goods and human capital
What are capital goods? all of the factories, machines, technologies, buildings, and property needed by a businesses to operate
How does new technology help businesses? it allows them to produce more goods for a cheaper price
What will happen to a company if they do not keep their machinery up-to-date? they will lose business because other companies will be able to produce similar goods for a better price
What's being produced in the factories? mining, industrial and transportation equipment, food processing, chemicals and steel
What is human capital? education training, skills and healthcare of the workers in a business or country
What factors improve Australia's standard of living? children are required to attend school from 6-18, taxpayers pay for school for all children, workforce is well-trained and well-educated, and there is a very good healthcare system
What percentage of the population over the age of 15 can read and write? 99%
How long are students required by law to stay in school? 12 years
Who are entrepreneurs? people who provide the money to start and operate a business
What must entrepreneurs do to make a business successful? bring together natural, human and capital resources to produce foods or services to be provided by their businesses
How many adults own their own business in Australia? 1 in 12
How are the laws in Australia good for business? they protect entrepreneurs and their property, easy to start a business and few rules to restrict businesses
Why are entrepreneurs good for Australia? they keep the economy moving and provide jobs for workers
What percentage of Australia's population is unemployed? 5.2%
What economic problem does Australia still struggle with? poverty
Which people live in the worst conditions? Aborigines
What is much lower for aborigines than for other Australians? life expectancy
How does income and healthcare affect the aborigines? they earn less money and they do not have as good a system of healthcare
Created by: lprinke