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Unit 10: Australia
| Term | Definition |
|---|---|
| economic system | an economic model used by governments to determine what should be produced/provided in terms of goods and services, how, and for whom |
| entrepreneurship | the capacity of private citizens to create new businesses independent of government direction or intervention |
| economic continuum | a 0-100 scale which ranks world economies from most command-leaning (0) to most market-leaning (100) |
| mixed economy | term used to describe the market/command blending of all modern world economies |
| deregulation | reduction of government oversight and/or influence in a given sector of the economy |
| domestic | term which refers to the products of services originating in one's own country; it is the antonym of foreign |
| GDP per capita | the average annual income of a nation's citizens; Latin for "by each head". Australia - $49,800 |
| gross domestic product (GDP) | the estimated total value of all the final goods and services produced in a nation in a year's time. Australia - $1.39 trillion |
| Australia's Economic Continuum Score | 76 mostly market-leaning |
| specialization | focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively. Australia - mineral extraction and processing. |
| embargo | a trade barrier which blocks all trade with another nation. (e.g., Australia currently has regional ones against Myanmar and North Korea over those nations' human rights abuses.) |
| quota | a trade barrier which places a limit on imported goods |
| tariff | a trade barrier which places a tax on imported goods |
| currency | a nation's money. (E.g., Australia uses the Australian dollar. Indonesia uses the rupiah. New Zealand uses the New Zealand dollar.) |
| currency exchange | converting one nation's money into an equivalent value/quantity of another's. (e.g. 1.00 U.S. dollar ≈ 1.53 Australian dollars) |
| literacy rate | the percent of a nation's population over the age of 15 who are able to read and write. Australia - 99% |
| standard of living | the level of wealth and material comfort available to a people |
| human capital | the knowledge, skills, and relative health of a nation's labor force. Australia ranks 18th for investing in this. |
| capital goods | the factories, machinery, technology, etc. that are necessary to sustain a service or industry |
| arable | suitable for farming |
| natural resource | a material on or in the earth that has economic value. In the case of Australia, substantial mineral wealth exists, as well as arable land. The Great Artesian Basin provides underground freshwater to nearly a third of the continent. |
| Australia's Location | Situated some 2,000 miles southeast of the Asian mainland, Australia is in the southern and eastern hemispheres. |
| Australia's Climate | SE and SW Australia tend to have a temperate climate, while northern Australia, nearest the equator, is tropical. Australia's largely arid interior - known colloquially as the Outback - is only sparsely populated and receives very little rainfall. |
| Australia's Population | Most Australians live in the coastal areas of the continent, particularly in the southwest, east, and southeast. Around 80% of all Australians live in urban areas. |
| Australia's Natural Resources | Australia has abundant land suitable for farming and livestock grazing. It also possesses large quantities of coal, iron ore, gold, copper, tin, silver, uranium, and nickel, as well as oil and natural gas. |
| Australian Citizens | Australians aged 18 and older are required to vote, and there are numerous political parties to choose from. |
| entrepreneur | those who risk their own money and resources to create a new business or service |
| private sector | the part of the economy owned and operated by private citizens |
| profit | as a verb, to gain financially; as a noun, the economic gains of a business |
| public sector | the part of the economy owned and operated by the national government |
| Great Barrier Reef | Earth's largest coral reef. Extending for some 1,200 miles, is is home to thousands of species of fish and mollusks (e.g., snails, clams, octopi), as well as over 400 types of coral |
| Coral Sea | extension of the Pacific Ocean, lies off Australia's northeast coast. |
| Uluru/Ayers Rock | a large sandstone rock formation in the southern part of the Northern Territory in central Australia. |
| Pacific Ocean | largest and deepest ocean |
| Great Dividing Range | located along the eastern coast of Australia, is the continent's largest mountain range. At over 2,100 miles, it is the third longest mountain range in the world. |
| Great Victorian Desert | Dominating the landscape of western and central Australia it is named for the British monarch in 1875, it covers more than 160,000 square miles of terrain, which is to say nearly 4.5% of the continent! |
| Oceania | the lands of the central and south Pacific Ocean, including Australia and New Zealand |
| arid | dry or desert-like |
| climate | the average annual weather conditions in a given location |
| Outback | term for the sparsely populated interior of the Australian continent |
| temperate | climate characterized by mild temperatures |
| urban | an industrialized area of a city or town |
| Aboriginal Peoples | term for the indigenous peoples of the Australian continent |
| James Cook | English captain who claimed Australia for the British Empire in 1770 |
| nomadic | traveling from place to place in search of food, water, etc. |
| small pox | virulent disease, transmitted via European migration, which decimated the Aboriginal populations of Australia and the Americas |
| parliamentary democracy | form of representative government in which citizens elect legislators and entrust these legislators to select the nation's chief executive |
| prime minister | title often given to the head of government in a parliamentary democracy; head of government; Anthony Albanese |
| Monarch | symbolic/ceremonial head of state. King Charles III |
| Governor-General | The interests of the British monarch are represented in Australia by David Hurley, who is chosen based on the recommendation of the Australian prime minister. |
| Stolen Generation | The Australian government forcefully removed Aboriginal children from their families as children, between the 1900s and the 1960s, to be brought up by white foster families or in government institutions. |
Created by:
heather.chapman
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