Economics Review #2 (Australia)

Select two items below that would decrease entrepreneurship in Australia.

• Australia passing new regulations on businesses.

• Australia providing a tax break for new businesses.

• Australia passing new laws increasing minimum wages.

• Australian banks lowering interest rates on start-up business loans.

This factor of production drives up economic growth through the creation of new businesss.

(a)  

What are Australia's two specializations?

• Mining (Coal, Iron, etc.)

• Serivces

• Cars

• Computers

Which factor of production would be affected by students dropping out of school or a decrease in funding for education?

(a)  

Organize these factors of production into the right categories

Groups:

(a) Human Capital

,

(b) Capital Goods

,

(c) Entrepreneurship

,

(d) Natural Resources

• Public Schools

• Iron Ore

• New Small Businesses

• Factories

• Crude Petroleum

• Engineering Skills

• Ships

• Inventing a new product

Click on the three countries that are Australia's top 3 trading partners.

Which data measurement do we use to determine standard of living?

(a)  

Which data measurement do we use to measure the impact of investing in human capital?

(a)  

Which data do we use to determine where a country's economy falls on the economic continuum?

(a)  

If Australia's major trading partner's economy begins to suffer from a recession (shrinking), what will happen to Australia's number of exports to that country?

• The number of exports from Australia will decrease

• The number of exports from Australia will increase

• The number of imports from Australia will increase.

• The number of imports from Australia will decrease.