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Economics Understandings To play the game, go to the next slide and click on a point value to go to a question. To go to final Wrap-Up click on Final Wrap-Up.

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Presentation on theme: "Economics Understandings To play the game, go to the next slide and click on a point value to go to a question. To go to final Wrap-Up click on Final Wrap-Up."— Presentation transcript:

1 Economics Understandings To play the game, go to the next slide and click on a point value to go to a question. To go to final Wrap-Up click on Final Wrap-Up at the bottom of the main screen.

2 Types of Economies International Trade Barriers Australia’s Economic System Vocabulary Capital & GDP

3 Team 1Team 2Team 3Team 4 Team 5 Wager board

4 What type of economy uses customs and habits of the past to decide what and how goods will be produced, distributed, and consumed?

5 Traditional Economy score board

6 What type of economy relies on planning groups to make basic economic decisions?

7 Command Economy score board

8 In what type of economy do individuals or corporations make economic decisions?

9 Market Economy score board

10 What type of economy is found in Australia?

11 Market Economy scoreboard

12 Since there are no pure command or market economies, what term is used to refer to these economies?

13 Mixed Economies score board

14 Why do people have to exchange currency?

15 To do business with other countries score board

16 What is the currency used by people in Australia?

17 Australian dollar score board

18 What country is Australia’s top trading partner?

19 China score board

20 What percent of Australia’s economy is dependent on natural resources?

21 33.3 percent or 1/3 score board

22 Tourism is a form of International trade. From where do most international tourists to Australia come?

23 New Zealand score board

24 What is the GDP (Gross Domestic Product)?

25 The total value of all the goods and services produced in a country in one year score board

26 What results when the GDP of a country is raised?

27 The standard of living may be raised as well. score board

28 Australia is heavily invested in human capital. What are two examples of human capital?

29 Education Training Skills Health care score board

30 What is the literacy rate in Australia?

31 Nearly 100 percent score board

32 What are three examples of physical capital?

33 Factories Machines Technologies Buildings Property score board

34 What term is used to describe the voluntary exchange of goods and services?

35 Trade score board

36 What type of trade barrier results in taxes on imports?

37 Tariff score board

38 What type of trade barrier results in limits placed on the number of imports that can enter a country?

39 Quota score board

40 What type of trade barrier involves a government order to stop trade with another country?

41 Embargo score board

42 What trade barrier did Australia use to try to stop fighting in Yugoslavia?

43 Embargo score board

44 Who sets the prices for goods in Australia?

45 Buyers and sellers score board

46 What protects businesses and consumers in Australia?

47 Fair and honest courts and good laws score board

48 How long does it generally take to start a business in Australia?

49 Less than one week score board

50 What is the advantage of specialization in a factory?

51 It allows workers to learn their job well, which in turn helps them produce goods faster, handle problems, and work more efficiently. score board

52 What ratio of adults in Australia own their own business?

53 1 in 12 score board

54 What is the name given to a person or people who provide money to start and operate a business?

55 Entrepreneur score board

56 What term is used to describe the practice of specialization in factories?

57 Division of labor score board

58 What term refers to the limited supply of something?

59 Scarcity score board

60 What does the way a society answers “what, how, and why goods and services will be produced” determine?

61 A country’s economic system score board

62 What is the term for money people use to make trade easier?

63 Currency score board

64 Make your wager on the scoreboard scoreFinal Question

65 What are three other names for a market economy?

66 Free enterprise, capitalism, laissez-faire score board


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