Module 1.2 - Australia and The Global Economy

Question 1

Who are Australias top five trading partners

Answer 1

1. China 2. Japan 3. Korea 4. USA 5.New Zealand

Question 2

What are Australias top 3 exports

Answer 2

1. iron ore 2. coal 3. natural gases

Question 3

What are Australias top 3 imports

Answer 3

1. personal travel services 2. crude petroleum 3. refined petroleum

Question 4

Why is International Trade Important (4 points)

Answer 4

1. Australia earns money by exporting goods and services (EARNS MONEY)
2. International trade provides employment for people everywhere (PROVIDES EMPLOYMENT)
3. Australia can buy products not available for purchase here (BUY DIFFERENT TYPES OF PRODUCTS)
4. Australia can sell products other countries need (SELL PRODUCTS OTHER COUNTRIES NEED)

Question 5

What is the supply chain?

Answer 5

the links needs to move a good or service from producer to consumer

Question 6

Why is the supply chain depended on by countries?

Answer 6

so that countries can meet the demands of consumers in their country

Question 7

What is outsourcing

Answer 7

using resources from overseas

Question 8

What are the consequences of increased trade overseas

Answer 8

some standards of goods and services go below safety/health standards

Question 9

What is a transnational company

Answer 9

when a company invests in another by for example building a factory in their country

Question 10

what are some things that effect global trade

Answer 10

natural disasters (can stop producttion) political unrest (effect flow of trade)
these things can only effect Australias trade with countries we trade with

Question 11

What are the 5 steps of the supply chain

Answer 11

1. supply 2.manufacturing 3. marketing 4. distribution 5. retail