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Vocab List #7

Australia and Economics

TermDefinition
Outback Australia's dry interior
natural resources things that come from Earth or nature that are useful to humans
Aborigines native people of Australia
nomadic moving from place to place in search of food
Captain James Cook Captain of Great Britain who in 1770 charted the eastern Australian coast in his ship Endeavor. He claimed the east coast of Australia for King George of Great Britain.
indigenous native to a region
Stolen Generations Australian government programs from 1910 into the 1970s that removed Aboriginal children from their families and sent them to white families and church-run institutions for cultural reprogramming.
Arable suitable for farming
Drought long period of extremely dry weather
Climate the average annual weather conditions in a given location
Traditional Economy an economic system where are all decisions are based on cultural traditions and customs
Command Economy an economy where the government controls all economic decisions
Market Economy an economic system in which prices, wages, and production are determined by consumers and not by the government
Mixed Economy an economy where both market and government forces impact what consumers can buy
What to produce? One of three basic economic questions every society must answer; how to make the best use of limited resources to satisfy human needs and wants.
How to produce? One of three basic economic questions every society must answer. Ex. Should we use copper or plastic to make pipes? Should machines be used to make clothing, or should workers make it by hand? Which fertilizer is best for growing strawberries?
For whom to produce? One of the three basic economic questions every society must answer. Ex. Once produced, who will get to consume them? Will it be a first-come, first-served basis? Should be given out by height, weight, age, gender, strength, or wealth?
Created by: McClure 6 SS
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