21.3
Exercise
Learning pathways LEVEL1 1, 2, 4
LEVEL2
LEVEL3
3, 5, 6, 7
8, 9, 10
REMEMBER AND UNDERSTAND 1. Explain what the following acronyms stand for.
a. ATO b. RBA c. ABS 2. Match the terms with their definitions by adding the correct number to the column on the left.
Infrastructure
1. An increase in the size of a country’s economy, and levels of production, over a period of time 2. When the government announces its spending and taxation plans 3. Large-scale building projects including roads, railways and public spaces
Economic growth
Government budget
3. Identify what tariffs are. A. A tax on goods imported into the country from overseas B. A general rise in prices across all sectors of the economy C. Goods and services purchased by local consumers from overseas businesses D. Those things that contribute to the production process 4. Recall what happens when a service provided by the government is privatised. A. Governments gain the majority of their influence over how this service is run. B. The private company loses the majority of their influence over how this service is run. C. Governments lose the majority of their influence over how this service is run. D. None of the above 5. Explain why the government usually must provide funding for public transport to operate. ANALYSE AND APPLY 6. Explain how a government budget can influence economic growth. 7. Identify two goods or services that the government supplies. 8. Explain why the government is involved in the setting of wages and working conditions of employees. 9. Identify two ways in which environmental laws might affect a business. 10. Governments welcome skilled migrants into Australia. Explain how this might increase the growth of our economy. Answers and sample responses for this topic are available online.
TOPIC21 Understanding tax and consumer literacy 609
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