Trends in Australia's Trade Patterns and Financial Flows (HSC SSCE Economics): Flashcards
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Australia's global economy ranking
Australia's global economy ranking
12th largest economy worldwide
Small, open economy definition
Small, open economy definition
<2% world output but highly integrated with global trade
Australia's % of Gross World Product
Australia's % of Gross World Product
Less than 2%
Year UK joined European Economic Community
Year UK joined European Economic Community
1973
Year China became Australia's largest trading partner
Year China became Australia's largest trading partner
2007
China's % of Australian exports (2021-22)
China's % of Australian exports (2021-22)
31.8%
Minerals/metals export share: 1989-90 vs 2022-23
Minerals/metals export share: 1989-90 vs 2022-23
39% to 61%
Rural products export share: 1989-90 vs 2022-23
Rural products export share: 1989-90 vs 2022-23
23% to 11%
Direction of trade definition
Direction of trade definition
Geographic pattern of a country's exports and imports
Price takers in global markets means
Price takers in global markets means
Must accept international prices, can't influence them