Even though Australia has great economic freedom, the government requires some products to meet safety and manufacturing standards. This means that overall Australia's economy can BEST be classified as a: mixed economy.. Using this chart, you can conclude that in Australia's economy: buyers and sellers determine what goods are made.. The literacy rate in Australia is 99%. What does this mean: It means that 99% of all people in Australia over the age of 15 can read and write.. What are the four factors which affect a country's economic growth: natural resources, human capital, capital goods, and entrepreneurship. What helps increase entrepreneurship: increasing investment in human capital. Who is a person who takes a risk to start a business: Entrepreneur . The market value of all final goods and services produced in a country in a calendar year: Gross Domestic Product. A good that gets shipped to another country is called an ____________________________: export. An ________________________ are goods brought into a country: import. Which of the following includes the knowledge, skills, education and talent people bring to work: human capital. What is scarcity: When there is a small amount of something available.. Which is an example of a capital good: a factory. Australia’s early Aborigines made economic decisions based on customs or beliefs . This would be an example of a : traditional economy.. What has helped Australia to have a high GDP: modern factories and technology. Tariffs and quotas are alike because they both: restrict or limit trade between countries.. Which trade barrier discourages trade by placing a tax on foreign goods: Tariff. What is an important role of entrepreneurs in the Australian economy: They provide new jobs for Australian workers.. Which is an example of investing in capital goods by a company? : buying new computers to build products more quickly. Who sets the price for goods in Australia: Buyers and sellers agree upon price.. Who is Australia's biggest trading partner: China
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