Understanding Australia's Market System

All consumers are referred to as....?

• The household sector

• The financial sector

• The consumer sector

• The business sector

What role do financial institutions play in the market system?

• They provide credit and loans

• They produce goods and services

• They collect taxes

• They regulate trade

What is the main purpose of a market?

• To collect taxes

• To create jobs

• To exchange goods and services for money

• To regulate prices

What is an example of a direct tax?

• Import duties

• Income tax

• Sales tax

• Goods and Services Tax (GST)

What is the role of the government in the market system?

• To provide goods and services

• To produce goods

• To buy goods

• To sell goods

What is the financial sector made up of?

• Banks and financial institutions

• Retail stores

• Manufacturing companies

• Government agencies

What is the purpose of a mortgage loan?

• To buy groceries

• To pay for education

• To purchase property

• To buy a car

What is the effect of high levels of taxation?

• More job opportunities

• Faster business growth

• Reduced consumer spending

• Increased consumer spending

What is the role of the overseas sector in Australia's economy?

• To regulate local businesses

• To provide government services

• To facilitate international trade

• To collect taxes

What is an example of an indirect tax?

• License fees

• Goods and Services Tax (GST)

• Company tax

• Income tax