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Australia is defined as a mixed market economy. : )<br>

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A Capital good is used to make other Goods

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Exports are when goods and services leave the country.

Imports are when goods and services enter the country.

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Producers are people that own companies that makes goods and/or services

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Wants are unlimited. Needs are not unlimited

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-goods are tangible, you can touch it.

-services is work that is performed for others

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we have learned about land labour enterprise and capital

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How to produce, What to Produce, For whom to produce.

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The 4 factors of production are

Labour, land, capital and

Enterprise

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Economics is best defined as the study of how wealth is created and distributed throughout a country. It also looks at how the individual and societies makes decisions about the way to use scarce resources to fulfill needs and wants .

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Economics is the study of how individuals and companies use scarce resources to fulfill peoples wants and needs

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Public goods are things like education and transport like trains.

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3 reasons why the government intervenes in the economy. - to provide public goods, equal distribution of wealth and to try and avoid depressions and high inflations

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Why does the government provide public goods?

-They are considered essential to a modern society.

-To improve living standards

-To protect the most disadvantaged

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A good is an item that can be produced

and sold. A service is where a person

does something for you.

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Australia has progressive taxation system.

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Public goods include:

-Education

-Transport

-Health

-Utilities

-Law Enforcement

-Emergency services