Trade

Question 1

What do we export and import?

Answer 1

We export Iron Ore, Coal, Agricultural products, Education and Tourism.
We import manufactured items such as computers, televisions, electronics and clothing.

Question 2

What is a Tariff?

Answer 2

A tax on imports designed to protect local jobs.
Problems with Tariffs are that it encourages inefficiency (laziness) because locals know that they don’t have competition.
And foreign countries respond with Tariffs on our exports.

Question 3

What is meant by trade?

Answer 3

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Question 4

Who do we import and export from?

Answer 4

We import from China and Japan and export from China, Japan and Indonesia.