Australia Economy

Economic System Market Traditional Considered a market economy with very few rules from the government Traditional Aborigines - Farming, hunting and gathering, and cattle herding

Economic System People are free to own their own businesses Business owners and consumers depend on laws to protect them Buyers and sellers set the prices

Entrepreneurs Australia leads the world in entrepreneurs One in every 12 adults own their own business Very easy to start a business and there are few rules to restrict businesses

Human Capital Required to attend school from age 6 to 18 Literacy rate is nearly 100% Very good health care system Workforce well trained and educated All of this has improved the standard of living

Standard of living One of the highest in the world Poverty is still a problem Aborigines Low life expectancy Earn less income Do not have good health care