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Published byDaniela Newton Modified over 9 years ago
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» Australia’s economy is a MIXED economic system. » Individuals are free to choose what and how to produce » Very little government involvement / regulations.
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» Arable land for crops and grazing animals. » Minerals – major export – coal, iron ore, copper, tin, gold, silver » World’s #1 exporter of WOOL
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» Australia invests heavily in human capital. » Children are required to attend school from ages 6 to 18. » Literacy rate is nearly 100%
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» To increase GPD, countries must invest in capital goods. » Australia’s businesses use advanced technology to help companies run more efficiently.
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» Australia is a world leader in entrepreneurship. » One in twelve adults own their own business.
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» Australia has tried to encourage trade with other countries so that their products can be sold around the world. » Very few trade barriers in Australia » In a good location to trade with Asian countries.
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