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Australia’s Economy

Australia’s Economy. Unit 12 Notes. Australia’s Economy . one of the freest economies in the world It is technically a mixed economy, but it’s close to market because there are very few rules to restrict the market. government does not own major industry or business

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Australia’s Economy

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  1. Australia’s Economy Unit 12 Notes

  2. Australia’s Economy • one of the freest economies in the world • It is technically a mixed economy, but it’s close to market because there are very few rules to restrict the market. • government does not own major industry or business • prices are set by the agreement of buyers and sellers rather than by government rules

  3. Australia’s Economy • There are no truly pure market economies, but Australia’s is close. • It is considered one of the most free economies in the world. • Businesses operate without too many rules from the government. • People are free to start a business and can do so quickly. • Courts use the laws of Australia to protect the property rights of citizens.

  4. Australia’s Economy • People are free to own their own businesses and property. • They decide what they want to produce. • Buyers and sellers are able to agree on prices, and competition between sellers helps to keep the prices good for buyers. • Business owners and consumers can depend on good laws to protect them. • The courts are considered fair and honest. • It is very easy to start a business in Australia – the paperwork usually takes less than a week!

  5. Economy Continuum Command Market UK US Germany Cuba Russia Australia

  6. Four Factors of Economic Growth • There are four factors that determine a country’s Gross Domestic Product for the year: • Natural Resources • Human Capital • Capital Goods • Entrepreneurship

  7. Australia’s Natural Resources • Arable land is a valuable resource. • Farmers grow lots of crops. • The land also provides pasture for beef cattle (an important export). • Minerals are a major export and include: coal, iron ore, copper, tin, gold, silver, uranium, nickel, tungsten, mineral sands, lead, zinc, diamonds, natural gas, & petroleum. • world’s leader in bauxite (used to make aluminum) • Selling these natural resources brings in money from all over the world.

  8. Australia’s Human Capital • Australia invests heavily in human capital. • Children are required to attend school from ages 6 to 18. • Taxpayers pay for schooling for all children. • The literacy rate is nearly 100%. • The workforce is well-trained and well-educated. • The healthcare system is very good. • All of these factors improve Australia’s standard of living - one of the highest in the world!

  9. Capital Goods in Australia • Australia’s businesses use advanced technology to make their companies work more efficiently. • If a company does not keep its machinery up-to-date, other companies will be able to produce similar goods for a better price.

  10. Australia’s Entrepreneurs • Australia is a world leader in entrepreneurship. • One (1) in twelve (12) adults owns his own business. • Laws in Australia are good for businesses because they protect entrepreneurs & their property, make it easy to start a business, and have few rules to restrict businesses. • Entrepreneurs are good for Australia. • Businesses keep economy moving & provide jobs for workers.

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