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Australia History of Trade
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What are the 4 biggest financial institutions in Australia ?
Common Wealth Bank, NAB, West Pac, ANZ.
Does a capitalist economy have governmental intervention ?
Yes but to a lesser extent.
What do capitalist countries believe in ?
A free market which decides for itself what to produce, for whom to produce and how to produce.
Define consumer sovereignty
The power to decide what products are produced by companies
According to the video, China has become the ..... biggest economy in the world.
Third
Does hospitality ( restaurants and hotels ) belong to the Quinary or the Quaternary Sector ?
Quinary Sector
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
Are imports an injection or a leakage ? Why ?
When we important, the money leaves Australia for another nation.
What can be the reasons why Australia partners with APEC countries ?
Cheap labour / Proximity / High expertise / Abundance of resources available for production.
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.
What is most important major trade partner ? What do we import and export to this partner ? ( Name 1 each )
China
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
What are three basic economic questions ?
What should we produce? How should we produce it? For whom should we produce it?
Is comparative advantage or absolute advantage related to opportunity cost ?
Comparative advantage.
How many sectors are there in the Tertiary Sector ? What are they ?
2. They are quaternary sector and quinary sector.
Does farming count as Secondary Sector ? Why ?
No, because farming is technically still an extraction of resources straight from the environment
What do we do in the Primary Sector ?
Extract or Harvest products from the environment


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