Federal Budget And Trade Flashcards
Where do we export to?
Japan, South Korea, China
What good/ services do we import?
Petrol, cars, electronic goods
What goods/services do we export?
Coal, iron ore, education and tourism
What is globalisation?
Is the expansion of business operations into other countries
Why is globalisation crucial to Australia?
Because we know that activities across the world will have impacts in Australia eg. Climate change, ethical use of labour ect.
What is trade?
The exchange of goods and services between nations
Benefits of trade
Gives us higher living standards
Gives us higher variety of goods
Forces us to become efficient to compete
Barriers to trade
Tariffs (tax on imports)
Quotas (limit on imports)
Subsides (payment to local companies to cover their costs)
What is a tarrif?
A tax on imported goods
Multinational companies
Organisations that operate in more than one country, their head office in based in one country but they have branches in other countries
Eg. Maccas, Cadbury
Why are multinational companies growing?
Rapid advances in technology
Where do we import from?
China, USA, Singapore
