a person who starts a business
economic system that combines both private ownership and government ownership of the means of production
system in which government officials make all basic economic decisions
an economic system based on free enterprise, in which businesses are privately owned, and production and prices are determined by supply and demand
An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.
Gross Domestic Product
the dollar amount of all goods and services produced within a country's borders in a year.
Gross National Product
The value of all goods and services that a country produces in one year within or outside the country
Government in which a single ruler or group has unlimited power.
a government where the people have a voice in how they are governed through voting
a form of government in which a small, unelected group controls the country and denies power to citizens
a government order preventing trade with another country
A tax on imported goods.
a limit placed on the quantities of a product that can be imported
a fixed charge for borrowing money
a spending and saving plan based on your expected income and expenses
An arrangement to receive cash, goods, or services now and pay for them in the future.
an amount of money borrowed by someone that must be repaid, usually with interest
the dry, unpopulated inland region of australia
two house legislature
The skills and knowledge gained by a worker through education and experience.
Where do people tend to settle in Australia?
The southeastern coast
Why do most Australians live on the southeastern coast?
The climate is cooler and they receive more rain than the dry, central part of Australia.
any natural material that is used to bring a country wealth, such as water, petroleum, minerals, forests, and animals
examples of natural resources
gold, silver, iron ore, diamonds, coal, natural gas, water, oil
What was the role of prosoners int he colonization of Australia?
The prisoners were sent to live in a prison colony.
How did the Ice Age help to populate Australia?
The frozen ice exposed land at the bottom of the ocean and people from Southeast Asia were able to walk on land to Australia...the continents were much closer at that time.
Who were the first inhabitants of Australia?
What caused the quick decline of the Aborigines in the18th century?
Aborigines died from the diseases that the Europeans brought with them
What caused the quick decline of the Aborigines in the 19th century?
During the Gold Rush, Aborigines were killed in disputes over land and resources.
What is the role of the Queen in Australia?
She acts as a figurehead...her role is symbolic.
What is the role of the Prime Minister in Australia?
He is the leader of the Parliament; he runs the day to day operations of the government.
What is the role of the Parliament in Australia?
They make laws for Australia.
What is the role of the Governor General of Australia?
He represents the Queen in Australia; the Queen is in Great Britain and needs a representative in Australia.
the percentage of a country's people who can read and write
What is the relationship between literacy rate and a country's economy?
Usually, the higher the country's literacy rate, the better off the economy is...more educated people working and producing quality goods to sell. Also, people who have jobs have money to spend which helps the economy.
Who are the main trading partners with Australia and why?
China and the US because of their location.