1. Australia
Economy

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

3. 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

4. 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

5. 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

6. 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