Presentation is loading. Please wait.

Presentation is loading. Please wait.

Economics Understandings

Similar presentations

Presentation on theme: "Economics Understandings"— Presentation transcript:

1 Economics Understandings
Australia Wrap-Up 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 Capital & GDP Trade Barriers Australia’s Economic System Vocabulary 100 100 100 100 100 100 200 200 200 200 200 200 300 300 300 300 300 300 400 400 400 400 400 400 500 500 500 500 500 500

3 Final Wrap-Up Team 1 Team 2 Team 3 Team 4 Team 5 Wager Wager Wager

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 board score

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

7 Command Economy board score

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

9 Market Economy board score

10 What type of economy is found in Australia?

11 Market Economy board score

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

13 Mixed Economies board score

14 Why do people have to exchange currency?

15 To do business with other countries
board score

16 What is the currency used by people in Australia?

17 Australian dollar board score

18 What country is Australia’s top trading partner?

19 China board score

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

21 33.3 percent or 1/3 board score

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

23 New Zealand board score

24 (Gross Domestic Product)?
What is the GDP (Gross Domestic Product)?

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

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

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

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

29 Education Training Skills Health care board score

30 What is the literacy rate in Australia?

31 Nearly 100 percent board score

32 What are three examples of physical capital?

33 Factories Machines Technologies Buildings Property board score

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

35 Trade board score

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

37 Tariff board score

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

39 Quota board score

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

41 Embargo board score

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

43 Embargo board score

44 Who sets the prices for goods in Australia?

45 Buyers and sellers board score

46 What protects businesses and consumers in Australia?

47 Fair and honest courts and good laws
board score

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

49 Less than one week board score

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. board score

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

53 1 in 12 board score

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

55 Entrepreneur board score

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

57 Division of labor board score

58 What term refers to the limited supply of something?

59 Scarcity board score

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
board score

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

63 Currency board score

64 Make your wager on the scoreboard
Final Wrap-Up Make your wager on the scoreboard Final Question score

65 What are three other names for a market economy?

66 Free enterprise, capitalism, laissez-faire
board score

Download ppt "Economics Understandings"

Similar presentations

Ads by Google