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