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10 Cards in this Set
- Front
- Back
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Advantages of imports |
Enormous range of goods and services. Incourages other countries to buy our items More trade between countries means a better relationship |
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Disadvantages of exports |
-Jobs may be lost to countries with cheaper labour costs -Imported resources may lower employment opportunities for Australian workers. -Money enters a new countries circular flow |
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Advantages of exports |
- lead to foreign exchange earnings, so we can purchase imports. -more money enters our circular flow - created opportunity in employment for workers |
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Define economic growth and explain relation to trade with overseas countries |
It is the increase of goods and services produced per head. When we export overseas, more goods and services are produced this increasing our economic growth |
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Economic growth indicator and recommended benchmark |
Gross domestic product (GDP) and 3-4% per annum |
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Inflation measured by and benchmark |
CPI and 2-3% |
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Unemployment measured by and benchmark |
Unemployment rate and 5% |
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Balance of trade measured by and rec benchmark |
Exports > imports |
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Exports: goods and services examples |
Goods: Coal, iron ore concentrates Services: Overseas visitors to Australia |
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Imports goods and services |
Petroleum and Cars Austraalians travelling overseas |
