UNIT 10

Economy of Australia

3 Economic Questions…

What to Produce? Businesses decide and government approves

How to produce it? Businesses decide and government regulates

proceduresFor whom to produce?

Businesses decide based on supply and demand

Which economic system does Australia have?...

Australia’s economic system

Mixed Economy

Trading partners

JapanSingaporeChinaUSAGermany

Half of Australia’s exports go to Asia

Natural Resources

What is available?Timber, lead, zinc, uranium, oil, gold, copper, diamonds, wheat, grapes

Land Use

What percentage of the land is arable (capable of being farmed?)6.15%

Industries/Entrepreneurs

What is being produced in factories?Cars, clothing, food, airplanes,

chemicals, paper, sugar

Tourism is also a huge money making industry

Entrepreneurs within Australia: Farming, Fishing

Exports

MineralsWool (produces 25% of the worlds wool)WheatMeatwine

Imports

MachineryComputersCrude oilPetroleum

Literacy Rate

Australia has one of the best education systems in the world

Rate: 99%

You must attend school until at least age 15

Unemployment

What percentage of people do not have jobs?5.1%

Australia does not officially count the poverty level within their country.

GDP

$889.6 billion (2010)

GDP per capita: what is the value of goods and services produced per person?$41,300