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Economy Of Australia

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Economy Of Australia

  1. 1. UNIT 10 Economy of Australia
  2. 2. 3 Economic Questions… <ul><li>What to Produce? </li></ul><ul><ul><li>Businesses decide and government approves </li></ul></ul><ul><li>How to produce it? </li></ul><ul><ul><li>Businesses decide and government regulates procedures </li></ul></ul><ul><li>For whom to produce? </li></ul><ul><ul><li>Businesses decide based on supply and demand </li></ul></ul><ul><ul><li>Which economic system does Australia have?... </li></ul></ul>
  3. 3. Australia’s economic system <ul><li>Mixed Economy </li></ul>
  4. 4. Trading partners <ul><li>Japan </li></ul><ul><li>Singapore </li></ul><ul><li>China </li></ul><ul><li>USA </li></ul><ul><li>Germany </li></ul><ul><ul><li>Half of Australia’s exports go to Asia </li></ul></ul>
  5. 5. Natural Resources <ul><li>What is available? </li></ul><ul><ul><li>Timber, lead, zinc, uranium, oil, gold, copper, diamonds, wheat, grapes </li></ul></ul>
  6. 6. Land Use <ul><li>What percentage of the land is arable (capable of being farmed?) </li></ul><ul><ul><li>6% </li></ul></ul>
  7. 7. Industries/Entrepreneurs <ul><li>What is being produced in factories? </li></ul><ul><ul><li>Cars, clothing, food, airplanes, chemicals, paper, sugar </li></ul></ul><ul><ul><li>Tourism is also a huge money making industry </li></ul></ul><ul><li>Entrepreneurs within Australia: Farming, Fishing </li></ul>
  8. 8. Exports <ul><li>Minerals </li></ul><ul><li>Wool (produces 25% of the worlds wool) </li></ul><ul><li>Wheat </li></ul><ul><li>Meat </li></ul><ul><li>wine </li></ul>
  9. 9. Imports <ul><li>Machinery </li></ul><ul><li>Computers </li></ul><ul><li>Crude oil </li></ul><ul><li>Petroleum </li></ul>
  10. 10. Literacy Rate <ul><li>Australia has one of the best education systems in the world </li></ul><ul><li>Rate: 99% </li></ul><ul><li>You must attend school until at least age 15 </li></ul>
  11. 11. Unemployment <ul><li>What percentage of people do not have jobs? </li></ul><ul><ul><li>4.4% </li></ul></ul><ul><ul><li>Australia does not officially count the poverty level within their country. </li></ul></ul>
  12. 12. GDP <ul><li>$766.8 billion (2007) </li></ul><ul><li>GDP per capita: what is the value of goods and services produced per person? </li></ul><ul><ul><li>$37,500 </li></ul></ul>

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