economy of australia
DESCRIPTION
TRANSCRIPT
UNIT 10
Economy of Australia
3 Economic Questions…
What to Produce? Businesses decide and government approves
How to produce it? Businesses decide and government regulates
proceduresFor whom to produce?
Businesses decide based on supply and demand
Which economic system does Australia have?...
Australia’s economic system
Mixed Economy
Trading partners
JapanSingaporeChinaUSAGermany
Half of Australia’s exports go to Asia
Natural Resources
What is available?Timber, lead, zinc, uranium, oil, gold, copper, diamonds, wheat, grapes
Land Use
What percentage of the land is arable (capable of being farmed?)6.15%
Industries/Entrepreneurs
What is being produced in factories?Cars, clothing, food, airplanes,
chemicals, paper, sugar
Tourism is also a huge money making industry
Entrepreneurs within Australia: Farming, Fishing
Exports
MineralsWool (produces 25% of the worlds wool)WheatMeatwine
Imports
MachineryComputersCrude oilPetroleum
Literacy Rate
Australia has one of the best education systems in the world
Rate: 99%
You must attend school until at least age 15
Unemployment
What percentage of people do not have jobs?5.1%
Australia does not officially count the poverty level within their country.
GDP
$889.6 billion (2010)
GDP per capita: what is the value of goods and services produced per person?$41,300