Trade

Question 1

What is trade?

Answer 1

When someone gets paid for handling something over (a good) or doing something (a service)

Question 2

What 4 things have buisnesses focused a huge amount of effort on?

Answer 2

1. Find the cheapest materials
2. Find the cheapest workers
3. Find materials that don’t naturally exist in their own country
4. Find ways to sell their product to as many people as possible

Question 3

what are 3 things australia exports?

Answer 3

Australia exports coal, iron ores, natural gas

Question 4

What is a farmers market?

Answer 4

farmers bring their products to the market and sell it directly to the consumers

Question 5

What are the 4 main things traded across Australia?

Answer 5

1. Wheat
2. Corn/maize
3. Rice
4. Sugar Cane

Question 6

what is australias biggest export?

Answer 6

coal

Question 7

what is australias biggest import?

Answer 7

personal travel services

Question 8

what country is the biggest exporter?

Answer 8

China

Question 9

what are australias 3 main trading partners?

Answer 9

1. China
2. Japan
3. USA

Question 10

china exports:

Answer 10

China exports electronic equipment and machinery because they focus on manufacturing

Question 11

us exports:

Answer 11

The U.S. exports more complex manufactured goods because they have a lot of expertise

Question 12

middle east exports:

Answer 12

Middle Eastern countries export oil and petrol products

Question 13

europe exports:

Answer 13

European countries have a lot of expertise and experience in making cars

Question 14

What are 3 things world trade relies on?

Answer 14

1. Massive container ships
2. Efficient ports (get the containers off the ships quickly)
3. Making sure pirates don’t hijack your ship (not joking)

Question 15

What is a free trade greement?

Answer 15

a treaty between 2 or more economies

Question 16

what trade agreement is australia a part of?

Answer 16

Australia is part of a free trade agreement with 164 other countries called the World Trade Organisation