Australia Factors of Economic Growth

Which is an example of investing in capital goods by a company?

• A. providing healthcare for workers

• B. providing classes for workers to learn new skills

• C. keeping an old machine to see if it will last longer

• D. buying new computers to build products more quickly, updating factories and technology

The level of wealth and material comfort available:

• Literacy Rate
• Human Capital
• Gross Domestic Product
• Standard of Living

Skills, educations, and knowledge of workers:

• Human Capital
• Standard of Living
• Entrepreneur
• Literacy Rate

Total value of all goods and services produced by a country in one year:

• GDP
• GDP per capita
• Economic System
• Literacy Rate

Investments in education, health, skills, and training are all examples of

• A. Standard of living

• B. Human capital

• C. Capital goods

• D. Physical capital

Australia has a high literacy rate which means it would also have a high

• A. Standard of living

• B. Tax rate

• C. Unemployment

• D. Birth rate

How do entrepreneurs affect Australia’s economy?

• A. They increase the standard of living.

• B. They decrease the need for physical capital.

• C. They produce jobs, create new products and ideas which helps the economy.

• D. They create taxes which increases the GDP.

What has helped Australia to have a high GDP?

• A. poor healthcare

• B. modern factories and technology

• C. natural resources that are hard to develop

• D. workers with low-paying jobs

An Australian couple began a company selling diamond earrings. They bought a small warehouse as the place to start the business. They purchased diamonds and gold from local mines. They hired artists to create new and original designs. These Australians are examples of ______________.

• A. capital resources.

• B. entrepreneurs.

• C. human resources.

• D. natural resources.