The total value of all goods and services produced in a year

The difference between the value of a country's export and the value of its imports

A person/group that is the final user of a good/service produced

All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region/area

The economic problem of having unlimited needs and wants with only limited resources to satisfy them

The resources used in production of goods/services

The value of the next best alternative that is given up wen a choice is made

Purchase of services from outside the country

Good/service purchased by local consumers from overseas businesses

Good/service sold to overseas consumers by local businesses

Service purchased from overseas businesses

A tax on imported goods/services

Tariff

Opportunity Cost

Factors of Production

None of the above

Australian tourists in the UK

Chinese student studying at an Australian university

Australians spending money online

Consumers buying goods from local businesses

An entire system of producing and delivering a product or service, from the very beginning stage of sourcing the raw materials to the final delivery of the product or service to end-users

The part of international trade that does not involve the transfer of goods or tangible objects, which mostly include service sectors like banking, advertising, copyrights, insurance, consultancy etc. invisible export also known as invisible trade is basically associated with the person’s own skill and knowledge is what is 'sold' rather than a piece of software or books.

All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country

The process of growing interdependence between countries

Imports and exports

Raw materials, production and assembly

Natural, land, labour, capital

Quota, Subsidy, Tariff

Exploit developing country resources

Make TNCs more powerful

Maximize customer value and achieve a sustainable competitive advantage

Decrease profits

It is an influential organisation that has the power to rule on international trade disputes. Works with governments to bring its economic and trade policies in line with the rules and negotiate its terms of entry with membership

Promote international monetary cooperation; facilitate the expansion and balanced growth of international trade; promote exchange stability; assist in the establishment of a multilateral system of payments; and make resources available (with adequate safeguards) to members experiencing balance-of-payments difficulties

To shape policies that foster prosperity, equality, opportunity and well-being for all. To work with governments and citizens to establish evidence based international standards. Focuses on is creating jobs, developing education, fighting tax invasion, exchange experiences, knowledge hug for data and analysis

None of the above

administers the rules of international trade

settles trade disputes between its members and it supports the needs of developing countries

works with governments to bring its economic and trade policies in line with WTO rules

All of the responses

Loss of jobs when Australian businesses go bankrupt

Greater choice in products/services

Strengthens ties with other nations

Find ways to adapt

Loss of industries due to great competition

Emergence of new markets

Increased profits

Tax evasion

Improves standard of living and economic growth

Competitive pricing

Tax evasion

Loss of jobs

Change working conditions for the people in those countries

Promote themselves favourably to consumers worldwide

Discover new target markets of customers who prefer and believe in what they do

Create sustainable environmental solutions

Exploiting worker conditions

Evading taxes in the countries they operate

Depleting natural resources

Exerting power on less wealthy governments

Injects more money into the economy

Increases profits for businesses

Increased unemployment

Increased standard of living

Unemployment levels

Gross Domestic Product

Inflation

Education rates

Low unemployment rates and steady inflation

High unemployment rates and high inflation

High unemployment and low GDP

High inflation and High imports

Ranking of imports and exports

Type of items we import/export

GDP

Unemployment rates

Household

Business

Government

Overseas

Quota

Subsidy

Tariff

Opportunity Cost