The Economy: Australia as a trading Nation

What does the economy provide to consumers?

• Wants, Jobs, Goods, and Retail

• Goods, Service, Retail, and Jobs

• Needs, Services, Jobs, and Government

• Needs, Wants, Goods, and Services

Who sets the price for goods in Australia?

• Buyers and sellers agree upon price.

• The governor-general sets prices for most goods.

• Parliament sets a price for all goods in the country.

• Prices for goods are set based on customs and beliefs of the Aborigines.

What type of economic system is Australia governed by?

• Traditional

• Mixed

• Command

• Market

Which two key concepts are the most dependent on each other?

• Needs and Wants / Supply and Demand

• Stakeholders / Business

• Products / Services

• Economy / Business

What are the three levels of an economy?

• Town, Country, World

• Local, National, International/Global

• School, Government, National

• Local, National, World

What is an example of an economic objective?

• Government aim to improve living standards

• Satisfying needs and wants through the production of and distribution of limited goods and services.

• By increasing the production of goods and services

• An objective to have economic value

What is the difference between needs and wants?

International trade can be best defined as

• Trading stuff with China.

• International use of airports to secure goods.

• Exchange of products and services from different states in Australia.

• The exchange of goods, services and capital in the overseas sectors.

Who does Australia trade with the most overseas?

Why do we trade products and services with other countries?