When we important, the money leaves Australia for another nation.
Oops!
Check
Okay!
Check
5
John can perform 2 haircuts per hour, for which he charges 20 dollars. Alex can perform 1 haircut per 15 minutes, for which he charges 10 dollars. Who has the absolute advantage ?
Alex
Oops!
Check
Okay!
Check
15
What are the 4 biggest financial institutions in Australia ?
Common Wealth Bank, NAB, West Pac, ANZ.
Oops!
Check
Okay!
Check
15
Mention 2 reasons why there has been a shift from Secondary Sector to Quaternary Sector in Australia's economy
Higher education.
Technology improvement.
An increase in worldwide demand.
Easier movement between countries
Oops!
Check
Okay!
Check
15
What do capitalist countries believe in ?
A free market which decides for itself what to produce, for whom to produce and how to produce.
Oops!
Check
Okay!
Check
10
How many sectors are there in the Tertiary Sector ? What are they ?
2. They are quaternary sector and quinary sector.
Oops!
Check
Okay!
Check
5
According to the video, China has become the ..... biggest economy in the world.
Third
Oops!
Check
Okay!
Check
10
What do we do in the Primary Sector ?
Extract or Harvest products from the environment
Oops!
Check
Okay!
Check
5
Does hospitality ( restaurants and hotels ) belong to the Quinary or the Quaternary Sector ?
Quinary Sector
Oops!
Check
Okay!
Check
10
Is comparative advantage or absolute advantage related to opportunity cost ?
Comparative advantage.
Oops!
Check
Okay!
Check
trap
No points!
Oops!
magnet
Take 25 points!
Okay!
gift
Win 25 points!
Okay!
thief
Give points!
5
10
15
20
25
monster
Reset all scores!
Oops!
rocket
Go to first place!
Okay!
fairy
Take points!
5
10
15
20
25
thief
Give points!
5
10
15
20
25
15
Define consumer sovereignty
The power to decide what products are produced by companies
Oops!
Check
Okay!
Check
10
In the video you just watched, what did the speaker use the image of the Great Walls for ?
How defensive and isolated the Chinese economy has been in the history.
Oops!
Check
Okay!
Check
15
Does farming count as Secondary Sector ? Why ?
No, because farming is technically still an extraction of resources straight from the environment