Year 9 Economics Revision

What role do producers play in the Australian economy?

• They buy goods and services

• They provide goods and services

• They create laws for businesses

• They manage taxation

Which of the following countries is a major trade partner of Australia?

• India
• Brazil
• Canada
• China

What type of goods does Australia primarily export to Asia?

• Electronics and machinery
• Textiles and clothing
• Automobiles and parts
• Natural resources and agricultural products, including coal, iron ore, and beef.

Why is Australia's economy considered interdependent with the economies of Asia?

• Australia relies on Asia for raw materials

• Australia and Asia rely on each other for trade in goods and services

• Australia exports all its goods to Europe

• Asia depends on Australia for technology imports

What is meant by the term “global economy”?

• The study of economics around the world

• The interconnectedness of national economies through trade and finance

• The world’s largest economies

• The way countries produce similar goods

Why are participants in the global economy dependent on each other?

• They need to work together to create jobs

• Countries produce and trade different goods and services

• Every country produces the same types of goods

• They do not rely on each other for any goods

What is the main role of transnational corporations (TNCs) in the global economy?

• They produce and sell goods and services in multiple countries

• They provide loans to countries in need

• They regulate international trade agreements

• They only operate in one country

What can cause disruptions in global supply chains, affecting the Australian economy?

• Increased education

• Global events like pandemics or natural disasters

• Australia’s geographic location

• Technological advancements

How do natural disasters in other countries impact Australia’s economy?

• They don't have any effect

• They disrupt the supply of goods to and from Australia

• They improve Australia’s economy by providing new markets

• They make Australian products cheaper

Match the following Factors of Production

• Entrepreneur

• Iron Ore

• Land

• Oven

• Capital

• Marketing

• Labour

• Doctor