so resilient what are the problems the country could face if this luck ever does run out and is australia actually an advanced economy as always once we have looked at all of this we can put australia on the economics explained national leader board which by popular demand will now be done back on the main channel this video is brought to you by URL_TOKEN thanks to public you can invest in stocks without having to pay a penny in trading commissions but wait you say i already have a commission free trading app on my phone what's so special about public unlike other commission free trading apps which for the purposes of this video shall not be named public does not direct your trades to market makers or hedge funds also known as pfof or payment for order flow that's a big deal because believe it or not some commission-free brokerages are actually co-owned by hedge funds who surprise surprise do not have your best interests at heart get the app that doesn't sell your trades to hedge funds by going to URL_TOKEN ee or by scanning the qr code that you see on screen all you have to do is open your camera app scan the qr code and boom you can sign up in under a minute when you sign up with our link you'll not only be supporting your favorite australian economist but you'll also receive up to NUMBER_TOKEN dollars in free stock after making your first deposit which you can do with just a dollar again that's URL_TOKEN ee alright so first things first i gotta say that ragging on your own country and how it's run is as much an australian tradition as backyard cricket and tim tam slams i don't intend to be overly negative here because i mean lucky or not the performance speaks for itself australia is obviously doing most things right but if you love something you want to make sure it doesn't hurt itself so here goes is australia an advanced economy i'm sure almost all of you watching would say yes of course it is but what is an advanced economy i have said it hundreds of times on this channel before and countless times while teaching and studying economics before that and i have to admit that i personally never stopped to think about what this broad classification actually meant beyond just being a rich country well it turns out that almost everyone has done the same thing because there is no established numerical standard that defines something as a developed developing or undeveloped country the term is loosely used by the international monetary fund to describe countries that have all of the following factors a high level of per capita income an extremely high level of industry a varied export base and a financial system that has integrated broadly with the wider global economy now there are a few things here that we can easily tick off for australia a very high level of per capita income yeah for sure it's one of the wealthiest countries in the world a well-integrated financial system yeah again australia's currency and banking system is very widely respected despite being the NUMBER_TOKENth largest economy in the world it has the seventh most widely held currency its ongoing stability is also well established whether it be down to luck or not looking pretty good so far until we get to exports this is what australia's exports look like almost two-thirds is made up of resources and another NUMBER_TOKEN is comprised of education and tourism a quick side note here is that if you're not sure how tourism and education count as exports just remember that exports track the direction of money flow not the number of containers being loaded onto ships if
START_SPONSOR_TOKEN this video is brought to you by URL_TOKEN thanks to public you can invest in stocks without having to pay a penny in trading commissions but wait you say i already have a commission free trading app on my phone what's so special about public unlike other commission free trading apps which for the purposes of this video shall not be named public does not direct your trades to market makers or hedge funds also known as pfof or payment for order flow that's a big deal because believe it or not some commission-free brokerages are actually co-owned by hedge funds who surprise surprise do not have your best interests at heart get the app that doesn't sell your trades to hedge funds by going to URL_TOKEN ee or by scanning the qr code that you see on screen all you have to do is open your camera app scan the qr code and boom you can sign up in under a minute when you sign up with our link you'll not only be supporting your favorite australian economist but you'll also receive up to NUMBER_TOKEN dollars in free stock after making your first deposit which you can do with just a dollar again that's URL_TOKEN ee END_SPONSOR_TOKEN