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:
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.
Types of Economies International Trade Barriers Australia’s Economic System Vocabulary Capital & GDP
Team 1Team 2Team 3Team 4 Team 5 Wager board
What type of economy uses customs and habits of the past to decide what and how goods will be produced, distributed, and consumed?
Traditional Economy score board
What type of economy relies on planning groups to make basic economic decisions?
Command Economy score board
In what type of economy do individuals or corporations make economic decisions?
Market Economy score board
What type of economy is found in Australia?
Market Economy scoreboard
Since there are no pure command or market economies, what term is used to refer to these economies?
Mixed Economies score board
Why do people have to exchange currency?
To do business with other countries score board
What is the currency used by people in Australia?
Australian dollar score board
What country is Australia’s top trading partner?
China score board
What percent of Australia’s economy is dependent on natural resources?
33.3 percent or 1/3 score board
Tourism is a form of International trade. From where do most international tourists to Australia come?
New Zealand score board
What is the GDP (Gross Domestic Product)?
The total value of all the goods and services produced in a country in one year score board
What results when the GDP of a country is raised?
The standard of living may be raised as well. score board
Australia is heavily invested in human capital. What are two examples of human capital?
Education Training Skills Health care score board