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.

When nations choose to focus on a narrow range of products/services that can be produced most efficiently and cost-effectively, this is known as ________.

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

This is a period of economic decline due to lagging trade and/or reduced industrial activity.

This is a tax on imported goods.

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

This blocks all trade with another nation.

An industry in which Australia specializes is _____ .