21.2 SkillBuilder activity INVESTIGATING Trade is an important part of our lives and an important component of the economy. When we consider trade, we likely have ideas about who we trade with and what we trade. Remember, much of Australia’s trade takes place with overseas countries. 1. Conduct a survey of the class, asking students to write down:
a. the top 5 countries we export (sell) to b. the top 5 countries we import (buy) from
c. the top 5 items we export (sell) d. the top 5 items we import (buy).
2. Go to the Department of Foreign Affairs and Trade’s website. Locate actual data regarding Australia’s trade. 3. Compare your survey results with the actual results and write a short report summarising your findings.
21.2
Exercise
Learning pathways LEVEL1 1, 3, 6
LEVEL2
LEVEL3
2, 4, 5, 7
8, 9, 10
REMEMBER AND UNDERSTAND 1. Determine whether the following is True or False. A person can be both a producer and a consumer. 2. Determine whether the following is True or False. Taxes are considered a leakage from our economic system. 3. Define the following terms: a. market b. labour c. household sector. 4. Outline the importance of the overseas sector. 5. Outline how the financial sector can influence markets. ANALYSE AND APPLY 6. Explain how it is possible for a person to be both a producer and a consumer. 7. Explain the difference between imports and exports. EVALUATE AND COMMUNICATE 8. Predict the impact that each of the following might have on the level of goods and services sold by Australian businesses. a. Households decide to save a larger proportion of their income. b. Financial institutions make it easier for consumers to acquire credit cards. c. There is a large increase in the availability of cheaper imported goods. 9. Consumers and producers are linked. Explain this relationship. 10. Exports and imports involve the overseas sector and trade. Explain why Australia needs to trade. Answers and sample responses for this topic are available online.
TOPIC21 Understanding tax and consumer literacy 603
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