Have you been paying attention?

What is a 'free enterprise'?

• The ability to purchase a plot of land.

• The freedom for individuals to set up a business and make a profit.

• A legally binding contract.

• The freedom to operate a business free from government regulations.

How does a business benefit the Australian economy?

• Allowing the government to collect tax.

• Consumers are provided with goods and services.

• Individuals are employed and can earn a wage.

• By promoting the off-shoring of jobs.

Name the four participants in the Australian economy.

WHAT AM I? Bringing goods and services into Australia from another country.

WHAT AM I? Selling and sending goods and services to another country.

What happens to the price of exports when the Australian dollar rises?

• Exports = more expensive.

  Imports = no change.

• Exports = more expensive.

  Imports = cheaper.

• Exports = no change.

  Imports = no change.

• Exports = cheaper.

  Imports = more expensive.

What is an exchange rate?

• A person's income rate.

• The value of one country's currency when applying for a bank loan.

• One country giving a good or service to another.

• The value of one country's currency when swapped with another's currency.

What is something that Australia DOES NOT export.

• Iron Ore

• Meat

• Gold

• Cars

What is something Australia DOES NOT import?

• Cars

• Petrol

• Wheat

• Wool

What is globalisation?

• All countries around the world are linked as a worldwide economy.

• All countries around the world are regulated by the United Nations.

• All countries uniting as one government to rule the world.

• All countries celebrating the diverse nature of their citizens.