Our Economy - International Trade & The Australian Economy Flashcards
1
Q
Economic benefits to Australian trade
of international trade
A
- economic growth
- raised household income
- cheaper products
- extra income from excess comodities
- opens global market
2
Q
Social benefits to Austalian trade
A
- creating jobs
- better education
- benefitting developing countries
- gives greater consumer choice
- encourages innovation
- increases tourism
3
Q
Top 5 Australian trading partners
A
- China
- Japan
- United States
- South Korea
- Singapore
4
Q
Australia’s main exports
A
- Coal
- Iron
- Natural gas
- Educated travel sercvices
- Personal travel
- Gold
- Aluminium
- Beef
- Petroleum
- Copper
5
Q
Australia’s main imports
A
- Personal travel
- Refined petroleum
- Motor veichles
- Telecom equipment
- Goods transport services
- Computers
6
Q
Changes in Australian trade
A
- increase with Asian trade - rise in wealth in Asia causes demand for Australian goods
- Exports more reliant on natural resources - finite avaliability
- Increase in mining and services sectors - changes in global supply chains
7
Q
Future trends of Australian Trade
A
- More efficient use of natural resources
- Diversification of exports
- Geopolitical changes resulting in different trade relations
8
Q
Interdependence
define
A
the dependance of different countries for goods and services
9
Q
Pros of Interdependance
A
- Ecnomic growth from trade
- Increased weath generation
- Enhanced trade specialisation
- Increased price stability
10
Q
Cons of Interdependance
A
- Spread of disease
- ## internet fraud and identity theft
11
Q
Free Trade
+ 2 forms of trade agreements
A
- No artifical barriers between nations in trade
- Multilateral trade agreement - 3+ nations
- Bilateral trade agreements - Between 2 nations
12
Q
Protectionist policy
A
- Gives producers an artificial advantage through tarriffs and quotas
13
Q
Name the tools used in the Protectionist Policy
A
- Tarriffs - tax on imports
- Quotas - limit on import quantity
- Subsidies - payment to local producers
- Regulations - minor rules that bias local industries
