Economics Understandings Australia Wrap-Up Economics Understandings To play the game, go to the next slide and click on a point value to go to a question. To go to final Wrap-Up click on Final Wrap-Up at the bottom of the main screen.
Types of Economies International Trade Capital & GDP Trade Barriers Australia’s Economic System Vocabulary 100 100 100 100 100 100 200 200 200 200 200 200 300 300 300 300 300 300 400 400 400 400 400 400 500 500 500 500 500 500
Final Wrap-Up Team 1 Team 2 Team 3 Team 4 Team 5 Wager Wager Wager board
What type of economy uses customs and habits of the past to decide what and how goods will be produced, distributed, and consumed?
Traditional Economy board score
What type of economy relies on planning groups to make basic economic decisions?
Command Economy board score
In what type of economy do individuals or corporations make economic decisions?
Market Economy board score
What type of economy is found in Australia?
Market Economy board score
Since there are no pure command or market economies, what term is used to refer to these economies?
Mixed Economies board score
Why do people have to exchange currency?
To do business with other countries board score
What is the currency used by people in Australia?
Australian dollar board score
What country is Australia’s top trading partner?
China board score
What percent of Australia’s economy is dependent on natural resources?
33.3 percent or 1/3 board score
Tourism is a form of International trade Tourism is a form of International trade. From where do most international tourists to Australia come?
New Zealand board score
(Gross Domestic Product)? What is the GDP (Gross Domestic Product)?
The total value of all the goods and services produced in a country in one year board score
What results when the GDP of a country is raised?
The standard of living may be raised as well. board score
Australia is heavily invested in human capital Australia is heavily invested in human capital. What are two examples of human capital?
Education Training Skills Health care board score
What is the literacy rate in Australia?
Nearly 100 percent board score
What are three examples of physical capital?
Factories Machines Technologies Buildings Property board score
What term is used to describe the voluntary exchange of goods and services?
Trade board score
What type of trade barrier results in taxes on imports?
Tariff board score
What type of trade barrier results in limits placed on the number of imports that can enter a country?
Quota board score
What type of trade barrier involves a government order to stop trade with another country?
Embargo board score
What trade barrier did Australia use to try to stop fighting in Yugoslavia?
Embargo board score
Who sets the prices for goods in Australia?
Buyers and sellers board score
What protects businesses and consumers in Australia?
Fair and honest courts and good laws board score
How long does it generally take to start a business in Australia?
Less than one week board score
What is the advantage of specialization in a factory?
It allows workers to learn their job well, which in turn helps them produce goods faster, handle problems, and work more efficiently. board score
What ratio of adults in Australia own their own business?
1 in 12 board score
What is the name given to a person or people who provide money to start and operate a business?
Entrepreneur board score
What term is used to describe the practice of specialization in factories?
Division of labor board score
What term refers to the limited supply of something?
Scarcity board score
What does the way a society answers “what, how, and why goods and services will be produced” determine?
A country’s economic system board score
What is the term for money people use to make trade easier?
Currency board score
Make your wager on the scoreboard Final Wrap-Up Make your wager on the scoreboard Final Question score
What are three other names for a market economy?
Free enterprise, capitalism, laissez-faire board score