Crct day 3 australia economy


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Crct day 3 australia economy

  1. 1. Good Mafternoon! 4/24/14 EQ: What is the economy of Australia like? HW: None :) *Reminder: GA OAS by 4-28 SPONGE Update your TOC and open up your ISSN to page 82 DateDate ## TitleTitle 4-24 82 Australia Econ
  2. 2. Australia’s Economy Unit 12 Notes
  3. 3. Australia’s Economy • one of the freest economies in the worldone of the freest economies in the world • It is technically a mixed economymixed economy, but it’s close to market because there are very few rules to restrict the market. • government does not own major industry or business – prices are set by the agreement of buyers and sellers rather than by government rules
  4. 4. Australia’s Economy • There are no truly pure market economies, but Australia’s is closeAustralia’s is close. – It is considered one of the most free economiesone of the most free economies in the the world. – Businesses operate without too many rules from the government. – People are free to start a business and can do so quickly. – Courts use the laws of Australia to protect the property rights of citizens.
  5. 5. Australia’s Economy • People are free to own their own businessesfree to own their own businesses and propertyand property. – They decide what they want to produce. • Buyers and sellersBuyers and sellers are able to agree on prices, and competition between sellers helps to keep the prices good for buyers. • Business owners and consumers can depend on good laws to protect them. – The courts are considered fair and honest. • It is very easy to start a businevery easy to start a business in Australia – the paperwork usually takes less than a week!
  6. 6. Economy Continuum Command Market Cuba Russi a Germany US Australia UK
  7. 7. Four Factors of Economic Growth • There are four factors that determine a country’s Gross Domestic Product for the year: 1. Natural Resources 2. Human Capital 3. Capital Goods 4. Entrepreneurship
  8. 8. Australia’s Natural Resources • Arable land is a valuable resource. – Farmers grow lots of crops. – The land also provides pasture for beef cattle (an important export). • Minerals are a major export and include: coal, iron ore, copper, tin, gold, silver, uranium, nickel, tungsten, mineral sands, lead, zinc, diamonds, natural gas, & petroleum. – world’s leader in bauxite (used to make aluminum) • Selling these natural resources brings in moneySelling these natural resources brings in money from all over the world.
  9. 9. Australia’s Human Capital • Australia invests heavily in human capital. • Children are required to attend school from ages 6 to 18. – Taxpayers pay for schooling for all children. – The literacy rate is nearly 100%.literacy rate is nearly 100%. • The workforce is well-trained and well-educatedwell-trained and well-educated. • The healthcare system is very good. • All of these factors improve Australia’s standard of living - one of the highest in the world!
  10. 10. Capital Goods in Australia • Australia’s businesses use advanced technology to make their companies work more efficiently. • If a company does not keep its machinery up-to-date, other companies will be able to produce similar goods for a better price.
  11. 11. Australia’s Entrepreneurs • Australia is a world leader in entrepreneurshipAustralia is a world leader in entrepreneurship. – One (1) in twelve (12) adults owns his own business. • Laws in Australia are good for businesses because they protect entrepreneurs & their property, make it easy to start a business, and have few rules to restrict businesses. • Entrepreneurs are good for Australia. – Businesses keep economy moving & provide jobsprovide jobs for workers.
  12. 12. Directions • Read coachbook pages 194-202 • Complete problems #496-515 • Do this on page 82 of your ISSN • when you finish:when you finish: –look at your handout from page 81- complete the Australia Economy section –If you finish that work on your CRCT review packet
  13. 13. Directions