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23 Cards in this Set

  • Front
  • Back

what type of economy does australia have?

australia has a market capitalist economy

what is a key feature of the economy?

the main key feature of the economy is free enterprise, this allows individuals to set up their own businesses to gain profit.

explain why australia is considered a trading nation

australia is considered a trading nation because of its import and export system, as well as the international labour market. as australia is well connected to a number of countries, these ties are used to provide and receive all types of goods and services which leads to trading.

who do we trade with?

there are many countries that australia trades with but the major ones are China, the United States, Singapore, India, Peru, New Zealand, South Korea and Japan.

who do we consider to be our most important trading partner and why?

australia considers chinas as our most important trading partner due to their high growth rate and cheap labour. china also has a strong demand of metals which then stimulates our economy as we provide them our plentiful resources. Another factor that may have contributed to this close relationship is the fact that china helped australia escape the worst effects of the global economic meltdown.

where do you think our future markets will be?

due to the increasing expenditure of the african and south american continents, it’s expected that australia will establish future markets there.

describe the trade that takes place

as australia is such a resource-rich nation, we mostly export goods like metals, agriculture, fishing and forestry items. china provides australia domestic consumption and more complex goods and services, this includes washing machines, clothing and cars.

explain debt-aid

debt-aid is the speculation that overseas countries are investing in other countries businesses to make that particular country be in debt to them for future needs.

how do we benefit from trade?

australia benefits from trade as it increases GDP, improves living standards, creates job opportunities, encourages ties with other nations and encourages nations. But most importantly, trade benefits australia’s economy and stimulates money flow.

how can we measure economic performance?

we can measure our economic performance through australia’s income and GDP.

explain what is currently happening with the australian economy

the australian economy is currently on track. and there is a strong global growth within australia’s neighbourhood, which adds to the national income. government spending and rising commodity exports are also ensuring that australia’s economy grows at a consistent pace. however our key concerns are house prices dropping, climate change, wages and tax, and reduced spending in our population.

identify factors that are impacting on the economy and how are they impacting

climate change - damage to businesses and impacts on the ability to produce products. can force australia to import rather than export

price wars - milk - forced farmers to squeeze their business and cut costs - could not make a profit and forced farmers out of business

increased use of technology - loss of jobs

what is the link between economic performance and living standards?

living standards are dependsnt on economic performance. for e.g some individuals are unable to purchase homes in stable neighbourhoods as a result of their low economic performance.

why do variations exist from country to country?

variations exist from country to country because of technological development, government policies, wages, global shocks and globalisation.

how do we maintain a competitive advantage?

1. cost reduction

2. businesses are very aware in terms of their service, location and quality which aids them when catering their consumers

pros and cons if deciding whether to hire new team members

pros: have more experience, more intel for business growth

cons: have to pay more wages if the business isn’t going well

pros and cons of evaluating a new project or change initiative

pro: can improve business sales, help with the reputation of the business

cons: loss of money

pros and cons of determining the feasibility of a capital purchase.

pro: can improve the business with more an efficient work ethic

cons: technical difficulties, loss of money, time used to teach employees how to use it

what changes are taking place in the workplace?

1. as technology is constantly evolving, people are being replaced for robots and job opportunities are being reduced

2. the way establishments are employing during job interviews differ as well. companies value loyalty, communication, collaboration and enterprising skills these qualities are sought for when being interviewed.

3. legal issues concerning safety policies in the workplace

difference between imports and exports

imports come in and exports come out


how can businesses maintain and create a competitive advantage in the market?

1. hire new members

2. evaluate a new project/change initiative

3. purchase capital items

how can we maintain a competitive edge in a global market?

1. cost reduction

2. customer feedback

3. celebrity endorsement

4. faster service

5. business strengths

what do we trade?

we export goods like metals, agriculture, fishing and forestry items. we import goods like cars, washing machines and clothes.