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Significance of trade for the australian economy

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Year 12 ATAR Economics - Australian Trade

Publicada em: Economia e finanças
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Significance of trade for the australian economy

  1. 1. INTRODUCTION Australia is a medium, open economy Economic Growth depends on our trade with other nations The Australian economy is the 12th largest in the world Australia is the worlds biggest exporter of Iron Ore
  2. 2. WHY DO WE TRADE? Countries need to specialise in and produce a surplus. The surplus can then be traded with other nations Specialisation ensures that we produce more of a good or service than if we attempted to produce for all of Australia’s collective needs and wants Trade results in a higher standard of living
  3. 3. REASONS FOR TRADE Factors of production and factor endowments are unequally distributed globally due to ; 1. Land differences and climatic conditions 2. Labour cost differentials 3. Capital and technological advancements 4. Enterprise differences due to varying levels of education and training