Australia Economics Check In

Australia is an island. How would this impact Australia's economy?

• It will make trade more difficult, requiring lots of shipping.

• It will make fishing easier with the expansive coastlines.

• It will make Australia's economy weak due to limited resources.

• It will make Australia's economy weak due to limited trading partners.

What type of economy does Australia have?

• A mixed economy

• A commoand economy

• A market economy

• A traditional economy

Before the British arrived, the Aborigines lived in Australia. Their culture was entwined with nature, and they mostly bartered amongst themselves. What type of economy did Australia likely have prior to British colonization?

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

Which side of the economics continuum does Australia lean towards?

• Market

• Command

Gross Domestic Product (GDP) shows

• How strong a country's economy is

• How strong a country's government is

• How strong a country's currency is

GDP per Capita (per person) is a good tool to estimate:

• the standard of living in a country

• the literacy rate of a country

• the inflation of a country

• the interest rate of a country

The productive factors are:

• Natural Resources

• Human Capital

• Capital Goods

• Entrepreneurship

Which of the following describes Australia's Literacy Rate

• High Literacy Rate

• Below World Average Literacy Rate

• Low Literacy Rate

Even though it is an island, Australia has many natural resources

• True

• False

Why do businesses feel it is easy to start operation in Australia?

• Low regulation

• High Regulation

• Multi-step process