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Australia 4
6th Grade Social Studies: Unit 7 - Australian Economics
| Question | Answer |
|---|---|
| What is scarcity? | word used to describe conflict between people’s desires and limited amount of resources. |
| What are the three basic economic questions? | 1. What to produce? 2. How to produce? 3. For whom to produce? |
| In a traditional economy, how are the 3 questions answered? | (1) What to produce? People follow customs and make what their ancestors made (2) How to produce? They grow and make things the same way their ancestors did (3) For whom to produce? People in the village who need them |
| In a command economy, how are the 3 questions answered? | (1) What to produce? The government (2) How to produce? The government (3) For whom to produce? Whoever the government decides to give them to |
| In a market economy, how are the 3 questions answered? | (1) What to produce? Businesses/based on supply, demand, and free enterprise (price) (2) How to produce? businesses (3) For whom to produce? consumers |
| What are some other countries with an almost market economy? | United States, UK |
| What is a mixed economy? | Economic system that has features of command and market systems. |
| What is specialization? | where workers concentrate on and become experts in a particular skill |
| What is trade? | exchange (something) for something else |
| What is a trade barrier? | a government policy or regulation that makes it harder to trade goods and services across borders |
| What are the most common types of trade barriers? | 1) tariffs 2) quotas 3) embargos 4) physical trade barriers |
| What is a tariff? | taxes on goods imported from other countries |
| What is a quota? | limits on the quantity of goods that are imported from another country |
| What is an embargo? | a complete ban on trading between countries |
| Give an example of an embargo by Australia. | embargo on weapons |
| What is currency of Australia? | Australian Dollar |
| What is GDP? | (1) value of goods and services produced in one year (2) to tell how rich or poor a country is (3) to tell if the economy of a country is getting better or worse |
| What is human capital? | Value that humans bring to the marketplace Human capital includes education, training, skills, and healthcare of the workers and the value that they bring to the country’s economy |
| How has Australia invested in human capital? | children are required to attend school from age 6 to 18 years old. Taxpayers pay for schooling of all children |
| What is capital (physical capital)? | Resources such as factories, machines and tools that people use to make other goods |
| How has Australia invested in capital? | (1) investments in mining (2) advanced technology to make the companies work more efficiently |
| What is a natural resource? | Raw materials that are used to support life and make goods |
| Why are natural resources important to a country’s economy? | they provide the raw materials necessary for production, generate income through exports, attract investment, create jobs, and support industries |
| Who is an entrepreneur? | Someone who brings together labor, land and capital goods to produce goods and services They take the risk to start and operate a business |
| What role does an entrepreneur play in an economy? | (1) Entrepreneurship creates jobs and lessens unemployment (2) Encourages people to take risks, and in doing so, they create better healthcare, education, & welfare programs (3) The more entrepreneurs a country has, the higher the country’s GDP will be |
| In order to increase GDP, countries must invest in what? | capital goods (factories, machines, etc.) |
| Give an example of a capital good. | “Stuff that makes the stuff”: All of the factories, machines, buildings, technologies and property needed by businesses to operate (think: Ice cream machine at Bruster’s) |
| How does Australia’s economy compare to the rest of the world? | Australia has one of the most free economies in the world. |
| Why is Australia’s economy very close to a market economy? | Businesses operate without too many rules made by the government |
| Australia’s government [does / does not] own major industries or businesses | does not |
| True or False: People can start a business quickly | True |
| Where does Australia rank on the command-to-market economy scale? | Australia is closest to a market economy (then USA and then UK) |
| How do the courts promote Australia’s economy? | Courts protect the property rights of citizens. |
| People are free to own what? | businesses |
| Who decides what to produce in Australia | Entrepreneurs decide what to produce |
| What keeps the prices low for buyers? | buyers and sellers are able to agree on prices & competition between sellers keeps the prices good for buyers |
| Australia’s GDP is ranked ___ in the world | 13th |
| Why does Australia have such a high GDP? | because they support the 4 factors of production: (1) Natural Resources, (2) Human Capital, (3) Capital Goods, & (4) Entrepreneurship |
| What are the 4 factors of production? | (1) Natural Resources, (2) Human Capital, (3) Capital Goods, & (4) Entrepreneurship |
| Why are natural resources important? | without them, countries must import other resources they need (which is costly) |
| What percentage of Australia’s land is arable? | 6.6% |
| What is arable land? | land for crops and pastures |
| What are the major agricultural products in Australia? | beef, wheat, barley, sugarcane, sheep, poultry and minerals. |
| What do Australia’s factories produce? | (1) mining, (2) industrial and transportation equipment, (3) food processing, (4) chemicals, & (5) steel |
| What must happen to increase the GDP? | countries must invest in (1) capital goods and (2) human capital |
| How does Australia invest in capital goods? | businesses use advanced technology to make their companies work more efficient (investing in capital goods increases GDP) |
| List the 5 ways that Australia invests in Human Capital | (1) children are required to attend school from ages 6-18, (2) taxpayers pay for schooling for all children, (3) the literacy rate is nearly 100%, (4) the workforce is well-trained and well-educated, & (5) the healthcare system is very good |
| Describe the standard of living in Australia | it is one of the highest in the world |
| How many people in Australia are entrepreneurs? | 1 in 12 |
| Why are so many people entrepreneurs? | Laws are great for businesses (they protect entrepreneurs and their property, it is easy to start a business and few rules restrict businesses) |
| How are entrepreneurs good for Australia? | they keep the economy moving and provide jobs for workers |
| Name an economic struggle that Australia has | poverty among Aborigines |
| Why is the life expectancy among Aborigines lower? | because of lower income and lower healthcare |
| What percentage of Australia’s population is unemployed? | 4.2% |
| What type of economy does Australia have? | mixed (but very close to market) |
| What country trades most with Australia? | China |
| What is the biggest trade barrier for Australia? | its geographical distance from Europe and North America |
| What is the most popular mineral in Australia? | iron ore |
Created by:
Engle Family
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