Our Economy Worksheet 4

In groups of 3-4

Create a PowerPoint / Keynote presentation to address the following criteria

  1. Provide a list of members of your group
  1. In terms of an economic system, define and provide and example for:
  2. Capitalism,
  3. Is an economic system in which the means of production are privately owned and operated for profit, usually in competitive markets. Income in a capitalist system takes at least two forms, profit on the one hand and wages on the other.
  4. Example: most of the worlds economies, Europe, USA, Australia etc
  1. Mixed Market,
  2. a degree of private economic freedom mixed with a degree of government regulation of markets.
  3. Example: Norway and Sweden
  1. Free market economy,
  2. A market economy based on supply and demand with little or no government control. Each exchange is a voluntary agreement between two parties who trade in the form of goods and services
  3. Example: Refer to capitalist type economies
  1. Socialism
  2. An economic and political system based on public or collective ownership of the means of production. Socialism emphasizes equality rather than achievement, and values workers by the amount of time they put in rather than by the amount of value they produce.It also makes individuals dependent on the state for everything from food to health care.
  3. Example: China, Vietnam and Cuba are examples of modern-day socialist societies
  1. Communism
  2. A political and economic ideology based on communal ownership and the absence of class.One of the fundamental problems with communism is the knowledge problem, which describes how, without a price system, central planners cannot accurately determine what goods and services should be produced or in what quantities. Useless surpluses and devastating shortages are the result.
  3. Example: Communism is often considered to be a twentieth century political experiment that officially failed in the late 1980s and early 1990s with the fall of the Berlin Wall and the collapse of the Soviet Empire
  1. Using the Department of Foreign Affairs and Trade website identify the latest figures on:
  2. Australia’s leading export (both goods and services) i.e. what are we exporting the most of in terms of:
  3. Dollars e.g. what is a particular type of export worth in millions of dollars
  4. Coal = $46.4 billion
  5. As a percentage e.g. what percentage of total exports does this represent?
  6. Coal = 20.6%
  1. Australia's global export position - How do we compare to the rest of the world 2008 (US$b)?
  2. We rank 24th
  1. Define the following:
  2. Import
  3. to bring in the goods and services into the port of a country.
  1. Export
  2. to ship the goods and services out of the port of a country
  1. Two-way trading partner
  2. imports and exports of both goods and services
  1. Gross domestic product
  2. refers to the market value of all final goods and services produced in a country in a given period
  1. Using the Department of Foreign Affairs and Trade website create a diagram (table, pie chart etc.)to demonstrate:
  2. The top 10 Export partners

  1. The top 10 Import sources

  1. The top 10 two way trading partner

  1. The style of economic systems that these countries have
  2. capitalistic
  1. Are there any other kinds of relationships that we have with these countries that might affect our trade with them e.g. are they also a Commonwealth country?
  2. NZ & Uk re commonwealth countries
  3. With the exception of USA & Germany they are all Asia-Pacific countries which means a member of APEC
  1. Using the Department of Foreign Affairs and Trade website
  2. Copy the table “Key economic indicators Australia”

  1. Looking at the following, suggest a reason for the trends over the past 10 years for:
  2. Unemployment rate
  3. Consumer prices
  4. Export of goods and services