Understanding Markets and Taxes

What is a market?

• A place where only food is sold

• A place or system where buyers and sellers exchange goods and services

• A government office

• A type of transport

Which of the following is a good produced in Australia?

• Bananas from Ecuador

• Australian wool

• Swiss chocolate

• Japanese cars

What are taxes mainly used for in Australia?

• To pay for public services like schools and hospitals

• To buy private companies

• To increase the price of goods

• To pay for advertising

Which of the following is a service produced in Australia?

• Mining iron ore

• Teaching at a local school

• Growing coffee in Brazil

• Manufacturing iPhones in China

Which of the following best describes a good?

• A physical item that can be bought or sold

• An action performed for someone else

• A government policy

• A type of tax

Which of the following is NOT a use of taxes in Australia?

• Building roads

• Funding public hospitals

• Paying for police services

• Buying private yachts for citizens

Which of the following is an example of a market in Australia?

• The Sydney Fish Market

• The Great Barrier Reef

• Uluru

• The Outback

Which of the following is a service?

• A haircut

• A loaf of bread

• A mobile phone

• A car

Which of the following is a reason why the government collects taxes?

• To fund public infrastructure

• To increase the price of petrol

• To reduce exports

• To make shopping more difficult

Which of the following is a good exported from Australia?

• Iron ore

• French cheese

• Japanese electronics

• Canadian maple syrup