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Go to the CIA Fact Book, https://www.cia.gov/the-world-factbook/ and look up the country Australia. Then complete the questions below.
- What is a major industry in your country? (For example, Copper is a major industry in Zambia).
- Go to Google and find information on the market price of the product. (For example, for Zambia you would Google ‘What is the market price of copper?’
- On the graph below DRAW a demand curve and supply curve for your product. Label the horizontal and vertical axes, and label the curves.
- Suppose consumer income increased. What impact would you expect an increase in consumer income to have on the market shown in question 3?
Answer:
