Australia: Economic Understandings

Match it! Select the correct answer from the pull down...Good luck!

This is a model used to determine what should be produced/provided in terms of goods and services, how, and for whom.

This is the act of economically punishing another nation.

An industry in which Australia specializes is _____ .

This is a system of exchange when one good/service is given in return for another which does not require monetary exchange.

This is when private citizens create new businesses without government direction or intervention.

This is a ban of a specific product or of a specific country’s or company’s product(s).

Economic model in which the laws of supply and demand determine what is produced/consumed and at what cost.

This is a limit on imported goods and is done so that cheaper imports do not flood domestic markets and put domestic producers out of business.