Welcome to

Economics
WA-10

⚚Eduardo A. ✮ Cortez A.☥

 Lesson 13

Global economy - Role of Key Participants and

Dependence of
participants on each other + Vn Economy
⚚Eduardo A. ✮ Cortez A.☥
HOUSEHOLD
SECTOR<=>BUSI
NESS SECTOR
Primary sector - Secondary/manufacturing -
Tertiary/service - quaternary sector - quinary sector

Lesson ~ 2.6 & 2.7

17.1 Participants in the Australian

economy
EDUARDO AGUSTIN CORTEZ AGUIRRE
EDUARDO AGUSTIN CORTEZ AGUIRRE
 wd4lu46

Activities For A Better - REMEMBER - EXPLAIN

Learning - DISCOVER - THINK -

Short - Case Study (Fashion Industry)

Australia’s Trading
ACTIVITY
(Short-Case Study)
DEVELOPING YOUR UNDERSTANDING 17.6
Read the extract and answer the questions that follow:

EXPLAIN:

1 Explain why Australia’s Trade Con dence Index is starting to increase.

2 Identify which sectors of the economy seem to be the most optimistic about the future.
3 Explain why these sectors are positive.
4 Outline what Australian Fashion Labels has done since it was started.
5 Suggest why it is important for Australian organisations to develop trading links with Asia.
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Source 17.20 An extract based on the article ‘SMEs’ international trade outlook on the rise’
ACTIVITY
(Short-Case Study)
DEVELOPING YOUR UNDERSTANDING 17.6
Read the extract and answer the questions that follow:

Time to Present
What You Have
Done!
EXPLAIN:
1 Explain why Australia’s Trade Con dence Index is starting to increase.
2 Identify which sectors of the economy seem to be the most optimistic about the future.
3 Explain why these sectors are positive.
4 Outline what Australian Fashion Labels has done since it was started.
5 Suggest why it is important for Australian organisations to develop trading links with Asia.
fi
 While in the past the Australian economy was
based on primary industry (left) and manufacturing, it is now
increasingly based on the tertiary sector (right).
 DEVELOPING YOUR
UNDERSTANDING 17.1
1) Read the following scenario and identify four
goods and four services purchased by Eric.

Eric was extremely unhappy when his car

failed to start as it meant he would have
to take public transport to his university
lecture. While sitting on the train he
thought about the Saturday night football
game he had bought tickets for, and ate a
chocolate bar. Once Eric got home he
planned to take his car to the mechanic
for repairs, but before that he planned to
go to West ield shopping centre to
purchase a new pair of jeans.
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 2) CLASSIFY EACH OF THE FOLLOWING
BUSINESSES ACCORDING TO THE INDUSTRY
SECTOR THEY ARE PART OF:

1. a electrical retailer

2. a plumber

3. a sheep grazier

4. a professional sportsperson

5. a radio station

6. an accounting irm

7. a childcare centre

8. a professional ishing boat

9. a department store.
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17.1 PARTICIPANTS IN THE AUSTRALIAN
ECONOMY

Australia is in a phase where there are many

challenges in terms of the future of the economy.
The secondary sector of the economy is changing and
some manufacturing businesses, such as the car
manufacturing industry, will stop operating during the
next few years. There has been a move towards a
‘knowledge economy’, meaning workers will need to
develop skills in areas and industries not yet
developed if the economy is to remain competitive.

© McInerney et al. 2014

 DEVELOPING YOUR
UNDERSTANDING 17.2
Read the extract and answer the
questions below.

But irst…

• Have you ever seen a robot in real life?

What it was doing?

• How robots can help the economy of

Australia or any other country?

• What are the bene its and downsides of

the developing of robotics in our
civilization?

Source: 17.3 Extract based on the article ‘Robots won’t end manufacturing jobs but will change them, says
productivity report’
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 DEVELOPING YOUR UNDERSTANDING 17.2
READ THE EXTRACT AND ANSWER THE QUESTIONS BELOW.

Robots will not take over manufacturing jobs but will enhance future
employment opportunities, according to a report on production in
Australia. As demand for workers with a higher level of skills increases,
some workers will ind themselves at risk of losing their jobs. Traditional
jobs will change and people will start to complete jobs with fewer
repetitive tasks and more ‘high value’ tasks instead. New technologies in
mechanical and electrical manufacturing will mean that workers will need
to operate and manage computerised machinery and equipment. This
means that some workers who do not have the necessary skills may ind
themselves unemployed. The report also warned that Australia was behind
other countries in linking education and employment. It also stated that
there needs to be deeper connections between manufacturing and
universities to supply skilled graduates with the expertise to ensure that
industry is able to remain viable.
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 DEVELOPING YOUR UNDERSTANDING 17.2
ANSWER THESE QUESTIONS!

1) Suggest why the use of robotics in

manufacturing industry has changed people’s
work.

2) The report has found that Australia will need to

have more skilled workers. Explain why
businesses, TAFEs and universities need to work
together on this.
 Chapter summary
• There a number of participants in the Australian economy including workers,
businesses, consumers and government.
• The economy can be divided into primary, secondary, tertiary, quaternary
and quinary sectors.
• Goods and services are created by producers for consumers.
• These are made by combining economic resources known as the factors of
production.
• Resources include land and raw materials, utilities, labour, capital resources
and entrepreneurial resources.
• Governments make decisions about what will be produced, how to produce
and who will receive the finished products.
• Government decisions regarding the economy will vary according to the
economic belief and philosophy of the government.
EDUARDO AGUSTIN CORTEZ AGUIRRE
 Chapter summary
• Governments will change budgetary or fiscal policy to stimulate or
contract the economy.
• Up until the 1950s more than one-third of Australian exports came
from sales to the United Kingdom. Since the 1960s this has changed.
• There is increased trade within the Asia-Pacific region (APEC).
• Australia’s main trading partners include China, Japan, the United
States and the Republic of Korea.
• 2014 saw a number of free trade agreements signed by Australia
and Japan, Korea and China.
• Global issues such as economic events and natural disasters affect
the Australian economy.

EDUARDO AGUSTIN CORTEZ AGUIRRE

 Fin

References:
Harack B. Economics: Key Terms and Definitions, 2010. Retreived from https://www.visionofearth.org/news/economics-key-
⚚ Eduardo A. ✮ Cortez A. ☥