BEAM : Economics : Trade
Terms in this set (33)
Economic activity that crosses national borders.
Australia exchanges goods and services with other countries.
Australia receives money from foreign financial institutions.
Foreign Direct Investment
Australia provides workers to foreign countries, and foreigners work in Australia.
International Labour Market
Australia provides technical solutions to other countries.
Australians move to other countries and foreigners move to Australia.
What percentage of the global economy does Australia manage?
What does Australia do to make opportunities for economic growth?
Provides specialised services to the global economy.
What does global competition cause?
Businesses to produce efficiently.
What do protectionist policies (such as tariffs) cause?
Business to produce inefficiently.
What is the risk of currency fluctuations?
Some goods become too expensive.
What makes international trading high risk?
Certain events such as war or natural disasters.
Political links between countries.
Established and maintained through organisations such as the United Nations
Economic links between countries.
Established through regional agreements and trade treaties.
Name a multilateral agreement that Australia takes part in.
World Trade Organisation (WTO).
Name three bilateral agreements that Australia takes part in.
China-Australia Free Trade Agreement (ChAFTA)
Trans-Pacific Partnership (TPP)
Thailand-Australia FTA (TAFTA)
Name two regional agreements that Australia takes part in.
Asia-Pacific Economic Cooperation (APEC)
Association of Southeast Asian Nations (ASEAN)
Goods and services produced locally and sold overseas.
Goods and services that are produced overseas and sold to Australia
Approximately how much of Australia's goods are imported?
Approximately how much of Australia's goods are exported?
The ability of a country to produce certain goods or services at a lower cost than other countries can.
Why is it important to trade with other nations?
Income, Employment, Buy products Australia can't produce.
Difference between the value of exports and the value of imports.
Balance of Trade.
When a country exports more than it imports
When a country imports more than it exports
Is Australia currently in a trade surplus or trade deficit period?
What are Australia's top three trading partners?
China, Japan, United States
Countries depend on each other for good and services.
Name an event which impacted one of Australia's trade partners and had an effect on our economy.
Earthquake in Japan, killing people, destroying buildings, and causing the meltdown at the Fukushima Nuclear Power Station.
Name an economy which had had a significant impact on Australia.
Chinese Economy. Growing for 30 years, opening up opportunities for Australian trade with China.
What was a negative outcome on Australia from the Japanese Earthquake?
Car parts were manufactured more slowly, and slowed our car building industry down.
What was a positive outcome on Australia from the Japanese Earthquake?
More food was imported form Australia due to concern about radioactivity in Japanese food.
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