1. Economics Understandings
Australia
Wrap-Up
Economics Understandings
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2. Types of
Economies
International
Trade
Capital
& GDP
Trade
Barriers
Australia’s
Economic
System
Vocabulary
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3. Final Wrap-Up Team 1 Team 2 Team 3 Team 4 Team 5 Wager Wager Wager
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4. What type of economy uses customs and habits of the past to decide what and how goods will be produced, distributed, and consumed?

5. Traditional Economy
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6. What type of economy relies on planning groups to make basic economic decisions?

7. Command Economy
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8. In what type of economy do individuals or corporations make economic decisions?

9. Market Economy
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10. What type of economy is found in Australia?

11. Market Economy
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12. Since there are no pure command or market economies, what term is used to refer to these economies?

13. Mixed Economies
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14. Why do people have to exchange currency?

15. To do business with other countries
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16. What is the currency used by people in Australia?

17. Australian dollar
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18. What country is Australia’s top trading partner?

19. China
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20. What percent of Australia’s economy is dependent on natural resources?

21. 33.3 percent or 1/3
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22. Tourism is a form of International trade
Tourism is a form of International trade. From where do most international tourists to Australia come?

23. New Zealand
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24. (Gross Domestic Product)?
What is the GDP
(Gross Domestic Product)?

25. The total value of all the goods and services produced in a country in one year
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26. What results when the GDP of a country is raised?

27. The standard of living may be raised as well.
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28. Australia is heavily invested in human capital
Australia is heavily invested in human capital. What are two examples of human capital?

29. Education
Training
Skills
Health care
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30. What is the literacy rate in Australia?

31. Nearly 100 percent
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32. What are three examples of physical capital?

33. Factories
Machines
Technologies
Buildings
Property
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34. What term is used to describe the voluntary exchange of goods and services?

35. Trade
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36. What type of trade barrier results in taxes on imports?

37. Tariff
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38. What type of trade barrier results in limits placed on the number of imports that can enter a country?

39. Quota
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40. What type of trade barrier involves a government order to stop trade with another country?

41. Embargo
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42. What trade barrier did Australia use to try to stop fighting in Yugoslavia?

43. Embargo
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44. Who sets the prices for goods in Australia?

45. Buyers and sellers
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46. What protects businesses and consumers in Australia?

47. Fair and honest courts and good laws
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48. How long does it generally take to start a business in Australia?

49. Less than one week
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50. What is the advantage of specialization in a factory?

51. It allows workers to learn their job well, which in turn helps them produce goods faster, handle problems, and work more efficiently.
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52. What ratio of adults in Australia own their own business?

53. 1 in 12
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54. What is the name given to a person or people who provide money to start and operate a business?

55. Entrepreneur
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56. What term is used to describe the practice of specialization in factories?

57. Division of labor
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58. What term refers to the limited supply of something?

59. Scarcity
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60. What does the way a society answers “what, how, and why goods and services will be produced” determine?

61. A country’s economic system
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62. What is the term for money people use to make trade easier?

63. Currency
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64. Make your wager on the scoreboard
Final
Wrap-Up
Make your wager on the scoreboard
Final Question
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65. What are three other names for a market economy?

66. Free enterprise, capitalism, laissez-faire
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