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Australia Economy Reading

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  • In the past what did the government of Australia own?
    Telecommunications Companies
  • True or False: The United States is closer to a command economy than Australia.
    True
  • What economic problem must every country deal with?
    Scarcity
  • Australia has one of the ________________ economies in the world.
    Freest
  • What is the expectation in a command economy?
    That everyone in the country will be able to have the goods they need when they need them.
  • What country do most international tourist to Australia come from?
    New Zealand
  • What country do most international tourist to Australia come from?
    New Zealand
  • What type of economic system was found in the culture of the Aborigines in Australia?
    Traditional Economic System
  • True or False: Canada is closer to a Market Economy than Australia.
    False
  • What country do most international tourist to Australia come from?
    New Zealand
  • Why does Australia only have a few trade barriers?
    Australia wants to encourage trade with other countries.
  • What makes it expensive for people to visit Australia from other countries?
    Australia's location
  • What are the 3 basic economic questions?
    1. What to produce? 2. How to produce? 3. For whom to produce?
  • What type of system does Australia’s mixed economy lean toward?
    Market
  • What country’s growth has a direct impact on the Australian economy?
    China
  • What industry is Australia developing?
    Cotton
  • Give an example of an embargo Australia has participated in.
    In 1998, Australia put an Embargo on weapons being shipped to Yugoslavia.
  • Who is given special treatment by Australia's government?
    Farmers of wheat and some other crops
  • What natural resources does Australia trade with China?
    Coal and iron ore
  • What are 2 other names for a market economic system?
    Free enterprise, capitalism, laissez-faire
  • When is summer in Australia?
    December to March
  • In a traditional economy what are used to decide what and how goods will be produced, distributed, and consumed?
    Customs and Habits of the past
  • What do the courts use the laws for in Australia?
    Protect the property rights of citizens
  • Why does specialization encourage trade?
    It allows people to work more efficiently
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