2. » Australia’s economy is a MIXED economic system. » Individuals are free to choose what and how to produce » Very little government involvement / regulations.

3. » Arable land for crops and grazing animals. » Minerals – major export – coal, iron ore, copper, tin, gold, silver » World’s #1 exporter of WOOL

4. » Australia invests heavily in human capital. » Children are required to attend school from ages 6 to 18. » Literacy rate is nearly 100%

5. » To increase GPD, countries must invest in capital goods. » Australia’s businesses use advanced technology to help companies run more efficiently.

6. » Australia is a world leader in entrepreneurship. » One in twelve adults own their own business.

7. » 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.