AKS 63 Australia's factors for Economic Growth

Which of the following is a way a country can save money when making manufactured goods?

• using the natural resources that they already have

• buying natural resources from another country

• importing Opals from the USA

• exporting services to New Zealand

Which of the following would be an investment in Human Capital for your Opal mine?

• Opals in a mine in Coober Pedy

• Opal jewelry for sale at the local mall

• buying new digging machines for your Opal mine

• training your employees how to use the Opal mining equipment

What is an entreprenuer?

• The head of the government in Australia

• A person who risks their own money, time, and effort to create a new business/jobs.

• A person who works at an automobile factory in Canberra

• The head of the school systems in Sydney, Australia.

Why did the baker switch from rolling the bread by hand to rolling by using a machine(in regards to GDP)?

• the bread rolled by machine tastes better, so people will buy more and thus decrease GDP

• the bread rolled by hand process is much faster, so less bread will be made and thus decrease GDP

• the bread rolled by machine process is much faster, so more bread will be made and thus increase GDP

• the bread rolled by hand process is much slower, so more bread will be sold and thus increase GDP

Which of the following would be an investment in Capital Goods for your movie theater?

• corn growing in the field to be sold at the movie theater

• buying new popcorn machines for your movie theater

• training your employees how to operate the new popcorn machines

• Icees sold at the movie theater concession stand

What Factor of Economic Growth is being described in the image?

• Capital Goods

• Entrepreneurship

• Human Capital

• Gross Domestic Product

Which of the following would be an example of a Natural Resource?

• Opals from a mine in Coober Pedy, Australia

• Opals made in to earrings at the store

• Opal customers who demand the products

• Opal miners in Australia near Coober Pedy

What is Gross Domestic Product (GDP)?

• Goods, services, and intermediate products bought by consumers in other countries.

• The total value of goods and services produced in a country in one year

• The amount of output the average worker can produce in an hour.

• Goals and data provided to the government from entrepreneurs

What Factor of Economic Growth is being described in the image?

• Natural Resources

• Entrepreneurship

• Standard of Living

• Capital Goods

Why do most countries invest in Human Capital?

• To make their workforce less productive in the future

• You have to buy new technology to make GDP go down

• You need capital goods to get natural resources

• The more educated the workforce, the more productive they tend to be