| A | B |
|---|
| purpose of a tariff | increase the prices of imported goods |
| tariffs & quotas are alike | because they both restrict trade |
| up-to-date machinery is example of | capital goods |
| natural resources IS NOT | an example of human capital |
| why Australians have to exchange currency | countries use their own currency |
| govt. has laws to protect private property owners | in a mixed economy |
| Australia makes it easy to start a business | this helps entrepreneurs |
| important role of entrepreneurs | provide new jobs |
| truth about Australia's economy | laws to protect rights & property of people |
| big difference from command & market | competition |
| in traditional economy, people exchange good | by bartering with a seller |
| when you ban all trade with another another country | it is called an embargo |
| spend money on building new facilities | investment in capital goods |
| used to measure size of Australia's economy | GDP |
| "I'll limit the number of imported goods" | example of a quota |
| Aborigines made economic based on customs | this is called a traditional economy |
| how Australia gets closer to market economy | let supply & demand set price of oil |
