Understanding the Australian Economy

Economics is about how people produce ______ and provide _______ for others to consume.

• Goods and Services

• Goods and Products

• Services and Products

• Items and Things

Every country has its own way of organising the production & consumption of goods/services known as an economic system

• True

• False

Australia is a _________ type of economy

• Traditional/Subsistence Economy

• Planned capitalist economy

• Market capitalist economy

• Market socialist economy

When countries exchange goods and services, it is called trade.

• True

• False

What are the 3 types of resources?

• Labour, natural, capital

• Labour, human, capital

• Natural, tangible, intangible

• Capital, entrepreneurship, labour

Producers who are self-sufficient, producing enough to survive, rather than make a profit are called...

• Planned socialist

• Traditional or subsistence

• Planned capitalist

• Market capitalist

Producers exchange goods and services with consumers in return for money are.....

• Planned capitalist

• Market capitalist

• Planned socialist

• Market socialist

Individuals/businesses own the resources but the government determines what to produce. These are called.....

• Market capitalist

• Planned capitalist

• Traditional/subsistence

• Planned socialist

A planned socialist economy is one where resources are owned by the state and the government decides what to produce.

• True

• False

Resources that are mostly owned by the government but consumers determine what goods/services are produced are called...

• Market capitalist

• Planned capitalist

• Market socialist

• Planned socialist