Glossary
Effortlessly navigate the QCAA Economics Glossary to find and understand key terms and concepts
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A
ATAR
Australian Tertiary Admission Rank
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Accomplished
Highly trained or skilled in a particular activity; perfected in knowledge or training; expert
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Accuracy
The condition or quality of being true, correct or exact; freedom from error or defect; precision or exactness; correctness; in science, the extent to which a measurement result represents the quantity it purports to measure; an accurate measurement result includes an estimate of the true value and an estimate of the uncertainty
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Accurate
Precise and exact; to the point; consistent with or exactly conforming to a truth, standard, rule, model, convention or known facts; free from error or defect; meticulous; correct in all details
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Adept
Very/highly skilled or proficient at something; expert
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Adequate
Satisfactory or acceptable in quality or quantity equal to the requirement or occasion
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Analyse
Dissect to ascertain and examine constituent parts and/or their relationships; break down or examine in order to identify the essential elements, features, components or structure; determine the logic and reasonableness of information; examine or consider something in order to explain and interpret it, for the purpose of finding meaning or relationships and identifying patterns, similarities and differences
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Analytical Essay
Analyses questions and then draws conclusions in an evaluation of an issue; in an analytical structure, the issue is divided into different components, which are discussed, explained, and/or compared in paragraphs or sections, and which demonstrate a balance of ideas, rather than one viewpoint
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Applied Learning
The acquisition and application of knowledge, understanding and skills in real-world or lifelike contexts that may encompass workplace, industry and community situations; it encompasses learning through doing and includes both theory and the application of theory, connecting subject knowledge and understanding with the development of practical skills
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Applied Subject
A subject whose primary pathway is work and vocational education; it emphasises applied learning and community connections; a subject for which a syllabus has been developed by the QCAA with the following characteristics: results from courses developed from Applied syllabuses contribute to the QCE; results may contribute to ATAR calculations
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Apply
Use knowledge and understanding in response to a given situation or circumstance; carry out or use a procedure in a given or particular situation
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Appraise
Evaluate the worth, significance or status of something; judge or consider a text or piece of work
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Appreciate
Recognise or make a judgment about the value or worth of something; understand fully; grasp the full implications of
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Appropriate
Acceptable; suitable or fitting for a particular purpose, circumstance, context, etc.
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Apt
Suitable to the purpose or occasion; fitting, appropriate
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Area of Study
A division of, or a section within a unit
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Argue
Give reasons for or against something; challenge or debate an issue or idea; persuade, prove or try to prove by giving reasons
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Aspect
A particular part of a feature of something; a facet, phase or part of a whole
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Assess
Measure, determine, evaluate, estimate or make a judgment about the value, quality, outcomes, results, size, significance, nature or extent of something
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Assessment
Purposeful and systematic collection of information about students' achievements
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Assessment Instrument
A tool or device used to gather information about student achievement
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Assessment Objectives
Drawn from the unit objectives and contextualised for the requirements of the assessment instrument (see also 'syllabus objectives', 'unit objectives')
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Assessment Technique
The method used to gather evidence about student achievement, (e.g. examination, project, investigation)
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Astute
Showing an ability to accurately assess situations or people; of keen discernment
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Authoritative
Able to be trusted as being accurate or true; reliable; commanding and self-confident; likely to be respected and obeyed
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B
Balanced
Keeping or showing a balance; not biased; fairly judged or presented; taking everything into account in a fair, well-judged way
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Basic
Fundamental
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Basis Point
One-hundredth of one percentage point, used when expressing differences in percentages such as cash rates, e.g. if the Reserve Bank of Australia lifts the cash rate by 25 basis points, it would move from 2.5% to 2.75%
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Bias
In decision-making, a systematic deviation from expected or rational choice, when making a decision or drawing a conclusion
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C
Calculate
Determine or find (e.g. a number, answer) by using mathematical processes; obtain a numerical answer showing the relevant stages in the working; ascertain/determine from given facts, figures or information
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Calculation for Change
Formula for determining change from one period to the next: \(\frac{Y_2 - Y_1}{Y_1} \times 100 = \% \text{ change}\)
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Categorise
Place in or assign to a particular class or group; arrange or order by classes or categories; classify; sort out, sort, separate
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Challenging
Difficult but interesting; testing one's abilities; demanding and thought-provoking; usually involving unfamiliar or less familiar elements
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Characteristic
A typical feature or quality
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Citation
A reference to an authority to show the source and authorship of data, ideas or a quotation that occurs within the body of the response or text; typically expressed as (corporate author–date) or (author–date), and the full bibliographical details listed in the reference list
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Clarify
Make clear or intelligible; explain; make a statement or situation less confused and more comprehensible
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Clarity
Clearness of thought or expression; the quality of being coherent and intelligible; free from obscurity of sense; without ambiguity; explicit; easy to perceive, understand or interpret
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Classify
Arrange, distribute or order in classes or categories according to shared qualities or characteristics
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Clear
Free from confusion, uncertainty, or doubt; easily seen, heard or understood
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Clearly
In a clear manner; plainly and openly, without ambiguity
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Coherent
Having a natural or due agreement of parts; connected; consistent; logical, orderly; well-structured and makes sense; rational, with parts that are harmonious; having an internally consistent relation of parts
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Cohesive
Characterised by being united, bound together or having integrated meaning; forming a united whole
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Comment
Express an opinion, observation or reaction in speech or writing; give a judgment based on a given statement or result of a calculation
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Common access resources
Natural resources characterised by the difficulty of excluding individuals from using them, causing an inability to charge a price for their use
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Communicate
Convey knowledge and/or understandings to others; make known; transmit
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Compare
Display recognition of similarities and differences and recognise the significance of these similarities and differences
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Competent
Having suitable or sufficient skills, knowledge, experience, etc. for some purpose; adequate but not exceptional; capable; suitable or sufficient for the purpose;
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Competently
In an efficient and capable way; in an acceptable and satisfactory, though not outstanding, way
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Competitive advantage
A benefit or gain over other nations or regions, where the capacity of local industries to innovate and upgrade give them a competitive advantage
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Complex
Composed or consisting of many different and interconnected parts or factors; compound; composite; characterised by an involved combination of parts; complicated; intricate; a complex whole or system; a complicated assembly of particulars
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Composite Indicators
Formed when individual indicators are compiled into a single index, on the basis of an underlying model of the multi-dimensional concept that is being measured
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Comprehend
Understand the meaning or nature of; grasp mentally
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Comprehensive
Inclusive; of large content or scope; including or dealing with all or nearly all elements or aspects of something; wide-ranging; detailed and thorough, including all that is relevant
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Concepts
In economics, economic concepts and principles may be used interchangeably; economic idea, statements based on economic theory or schools of thought
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Concise
Expressing much in few words; giving a lot of information clearly and in a few words; brief, comprehensive and to the point; succinct, clear, without repetition of information
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Concisely
In a way that is brief but comprehensive; expressing much in few words; clearly and succinctly
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Conclusion
In economics, a judgment or opinion based upon economic criteria, reasoning and evidence
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Conduct
Direct in action or course; manage; organise; carry out
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Consider
Think deliberately or carefully about something, typically before making a decision; take something into account when making a judgment; view attentively or scrutinise; reflect on
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Considerable
Fairly large or great; thought about deliberately and with a purpose
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Considered
Formed after careful and deliberate thought
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Consistent
Agreeing or accordant; compatible; not self-opposed or self-contradictory, constantly adhering to the same principles; acting in the same way over time, especially so as to be fair or accurate; unchanging in nature, standard, or effect over time; not containing any logical contradictions (of an argument); constant in achievement or effect over a period of time
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Construct
Create or put together (e.g., an argument) by arranging ideas or items; display information in a diagrammatic or logical form; make; build
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Contrast
Display recognition of differences by deliberate juxtaposition of contrary elements; show how things are different or opposite; give an account of the differences between two or more items or situations, referring to both or all of them throughout
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Controlled
Shows the exercise of restraint or direction over; held in check; restrained, managed or kept within certain bounds
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Convincing
Persuaded by argument or proof; leaving no margin of doubt; clear; capable of causing someone to believe that something is true or real; persuading or assuring by argument or evidence
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Course
A defined amount of learning developed from a subject syllabus
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Create
Bring something into being or existence; produce or evolve from one
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Creative
Resulting from originality of thought or expression; relating to or involving the use of the imagination or original ideas to create something; having good imagination or original ideas
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Credible
Capable or worthy of being believed; believable; convincing
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Criterion
The property or characteristic by which something is judged or appraised
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Critical
Involving skilful judgment as to truth, merit, etc.; involving the objective analysis and evaluation of an issue in order to form a judgment; expressing or involving an analysis of the merits and faults of a work of literature, music, or art; incorporating a detailed and scholarly analysis and commentary (of a text); rationally appraising for logical consistency and merit
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Critique
Review (e.g. a theory, practice, performance) in a detailed, analytical and critical way
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Current
(of sources) most recent data or information; comparisons of data based on the different time periods or dates should be recognised
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Cursory
Hasty, and therefore not thorough or detailed; performed with little attention to detail; going rapidly over something, without noticing details; hasty; superficial
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D
Decide
Reach a resolution as a result of consideration; make a choice from a number of alternatives
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Deduce
Reach a conclusion that is necessarily true, provided a given set of assumptions is true; arrive at, reach or draw a logical conclusion from reasoning and the information given
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Defensible
Justifiable by argument; capable of being defended in argument
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Define
Give the meaning of a word, phrase, concept or physical quantity; state meaning and identify or describe qualities
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Demonstrate
Prove or make clear by argument, reasoning or evidence, illustrating with practical example; show by example; give a practical exhibition
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Derive
Arrive at by reasoning; manipulate a mathematical relationship to give a new equation or relationship; in mathematics, obtain the derivative of a function
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Describe
Give an account (written or spoken) of a situation, event, pattern or process, or of the characteristics or features of something
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Design
Produce a plan, simulation, model or similar; plan, form or conceive in the mind; in English, select, organise and use particular elements in the process, plan, format, and use particular elements in the product
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Detailed
Executed with great attention to the fine points; meticulous; including many of the parts or facts
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Determine
Establish, conclude or ascertain after consideration, observation, investigation or calculation; decide or come to a resolution
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Develop
Elaborate, expand or enlarge in detail; add detail and fullness to; cause to become more complex or intricate
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Development
The central idea and main points are identifiable and advanced throughout the response
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Devise
Think out; plan; contrive; invent
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Differentiate
Identify the difference/s in or between two or more things; distinguish, discriminate; recognise or ascertain what makes something distinct from similar things; in mathematics, obtain the derivative of a function
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Discerning
Discriminating; showing intellectual perception; showing good judgment; making thoughtful and astute choices; selected for value or relevance
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Discriminate
Note, observe or recognise a difference; make or constitute a distinction in or between; differentiate; note or distinguish as different
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Discriminating
Differentiating; distinctive; perceiving differences or distinctions with nicety; possessing discrimination; perceptive and judicious; making judgments about quality; having or showing refined taste or good judgment
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Discuss
Examine by argument; sift the considerations for and against; debate; talk or write about a topic, including a range of arguments, factors or hypotheses; consider, taking into account different issues and ideas, points for and/or against, and supporting opinions or conclusions with evidence
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Disjointed
Disconnected; incoherent; lacking a coherent order/sequence or connection
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Distinguish
Recognise as distinct or different; note points of difference between; discriminate; discern; make clear a difference/s between two or more concepts or items
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Diverse
Of various kinds or forms; different from each other
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Document
Support (e.g. an assertion, claim, statement) with evidence (e.g. decisive information, written references, citations)
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Draw conclusions
Make a judgment based on reasoning and evidence
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E
Economic criteria
Standard by which something can be evaluated, judged or decided; e.g. economic objectives such as sustainable economic growth, employment, inflation, external stability, as well as productivity, economic efficiency, and equity considerations such
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Economic ideas
Economic concepts or principles that are supported by economic theory, economic reasoning and/or empirical evidence; may reflect various economic schools of thought, economic beliefs or values
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Economic issue
A subject or matter involving an economic problem that is worthy of investigation, developed from data and economic information
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Economic outcome
(for the purpose of this syllabus) an economic outcome is the result or outcome the analysis of an economic issue, where the consequence (past, present or future) is judged according to economic criteria
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Economic problem
The problem of allocating scarce resources in the context of maximising satisfaction of individuals' needs and wants; develops because resources are limited and the needs and wants of individuals are unlimited, therefore individuals, businesses and societies need to make decisions; where individuals, businesses and governments are faced with opportunity costs, so they must choose between alternatives
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Effective
Successful in producing the intended, desired or expected result; meeting the assigned purpose
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Efficiency
Working in a well-organised and competent way; maximum productivity with minimal expenditure of effort; acting or producing effectively with a minimum of waste, expense or unnecessary effort; in economics, maximising social benefit; when the marginal social costs of resource allocation are equal to the benefits
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Efficient
Working in a well-organised and competent way; maximum productivity with minimal expenditure of effort; acting or producing effectively with a minimum of waste, expense or unnecessary effort
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Element
A component or constituent part of a complex whole; a fundamental, essential or irreducible part of a composite entity
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Elementary
Simple or uncompounded; relating to or dealing with elements, rudiments or first principles (of a subject); of the most basic kind; straightforward and uncomplicated
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Erroneous
Based on or containing error; mistaken; incorrect
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Essential
Absolutely necessary; indispensable; of critical importance for achieving something
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Evaluate
Make an appraisal by weighing up or assessing strengths, implications and limitations; make judgments about ideas, works, solutions or methods in relation to selected criteria; examine and determine the merit, value or significance of something, based on criteria
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Examination
A supervised test that assesses the application of a range of cognitions to one or more provided items such as questions, scenarios and/or problems; student responses are completed individually, under supervised conditions, and in a set timeframe
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Examine
Investigate, inspect or scrutinise; inquire or search into; consider or discuss an argument or concept in a way that uncovers the assumptions and interrelationships of the issue
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Experiment
Try out or test new ideas or methods, especially in order to discover or prove something; undertake or perform a scientific procedure to test a hypothesis, make a discovery or demonstrate a known fact
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Explain
Make an idea or situation plain or clear by describing it in more detail or revealing relevant facts; give an account; provide additional information
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Explicit
Clearly and distinctly expressing all that is meant; unequivocal; clearly developed or formulated; leaving nothing merely implied or suggested
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Explore
Look into both closely and broadly; scrutinise; inquire into or discuss something in detail
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Express
Convey, show or communicate (e.g. a thought, opinion, feeling, emotion, idea or viewpoint); in words, art, music or movement, convey or suggest a representation of; depict
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Extended response
An open-ended assessment technique that focuses on the interpretation, analysis, examination and/or evaluation of ideas and information in response to a particular situation or stimulus; while students may undertake some research when writing the extended response, it is not the focus of this technique; an extended response occurs over an extended and defined period of time
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Extension subject
A two-unit subject (Units 3 and 4) for which a syllabus has been developed by QCAA, that is an extension of one or more General subject/s, studied concurrently with, Units 3 and 4 of that subject or after completion of, Units 3 and 4 of that subject
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Extensive
Of great extent; wide; broad; far-reaching; comprehensive; lengthy; detailed; large in amount or scale
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External assessment
Summative assessment that occurs towards the end of a course of study and is common to all schools; developed and marked by the QCAA according to a commonly applied marking scheme
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External examination
A supervised test, developed and marked by the QCAA, that assesses the application of a range of cognitions to multiple provided items such as questions, scenarios and/or problems; student responses are completed individually, under supervised conditions, and in a set timeframe
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Extrapolate
Infer or estimate by extending or projecting known information; conjecture; infer from what is known; extend the application of something (e.g. a method or conclusion) to an unknown situation by assuming that existing trends will continue or similar methods will be applicable
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F
Factual
Relating to or based on facts; concerned with what is actually the case; actually occurring; having verified existence
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Fallacy
Logical error or flaw in an argument, extrapolation of data findings from an analysis, or evaluation
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Familiar
Well-acquainted; thoroughly conversant with; well-known from long or close association; often encountered or experienced; common; (of materials, texts, skills or circumstances) having been the focus of learning experiences or previously encountered in prior learning activities
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Feasible
Capable of being achieved, accomplished or put into effect; reasonable enough to be believed or accepted; probable; likely
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Fluent
Spoken or written with ease; able to speak or write smoothly, easily or readily; articulate; eloquent; in artistic performance, characteristic of a highly developed and excellently controlled technique; flowing; polished; flowing smoothly, easily and effortlessly
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Fluently
In a graceful and seemingly effortless manner; in a way that progresses smoothly and readily
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Formative assessment
Assessment whose major purpose is to improve teaching and student achievement
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Fragmented
Disorganised; broken down; disjointed or isolated
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Free rider problem
A market failure that occurs when individuals use a common resource or collective good without paying for it, as is the case when individuals and companies use public goods without either paying for their use or contributing to taxes
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Frequent
Happening or occurring often at short intervals; constant, habitual, or regular
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Fundamental
Forming a necessary base or core; of central importance; affecting or relating to the essential nature of something; part of a foundation or basis
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G
General subject
A subject for which a syllabus has been developed by the QCAA with the following characteristics: results from courses developed from General syllabuses contribute to the QCE; General subjects have an external assessment component; results may contribute to ATAR calculations
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Generate
Produce; create; bring into existence
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H
Hypothesise
Formulate a supposition to account for known facts or observed occurrences; conjecture, theorise, speculate; especially on uncertain or tentative grounds
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I
ISMG
Instrument-specific marking guide; a tool for marking that describes the characteristics evident in student responses and aligns with the identified objectives for the assessment (see
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Identify
Distinguish; locate, recognize and name; establish or indicate who or what someone or something is; provide an answer from a number of possibilities; recognise and state a distinguishing factor
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Illogical
Lacking sense or sound reasoning; contrary to or disregardful of the rules of logic; unreasonable
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Implement
Put something into effect, e.g. a plan or proposal
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Implicit
Implied, rather than expressly stated; not plainly expressed; capable of being inferred from something else
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Improbable
Not probable; unlikely to be true or to happen; not easy to believe
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In-depth
Comprehensive and with thorough coverage; extensive or profound; well-balanced or fully developed
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Inaccurate
Not accurate
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Inappropriate
Not suitable or proper in the circumstances
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Inconsistent
Lacking agreement, as one thing with another, or two or more things in relation to each other; at variance; not consistent; not in keeping; not in accordance; incompatible, incongruous
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Independent
Thinking or acting for oneself, not influenced by others
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Infer
Derive or conclude something from evidence and reasoning, rather than from explicit statements; listen or read beyond what has been literally expressed; imply or hint at
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Informed
Knowledgeable; learned; having relevant knowledge; being conversant with the topic; based on an understanding of the facts of the situation (of a decision or judgment)
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Innovative
New and original; introducing new ideas; original and creative in thinking
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Insightful
Showing understanding of a situation or process; understanding relationships in complex situations; informed by observation and deduction
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Instrument-specific marking guide
ISMG; a tool for marking that describes the characteristics evident in student responses and aligns with the identified objectives for the assessment (see 'assessment objectives')
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Integral
Adjective: necessary for the completeness of the whole; essential or fundamental; Noun: in mathematics, the result of integration; an expression from which a given function, equation, or system of equations is derived by differentiation
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Intended
Designed; meant; done on purpose; intentional
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Interconnections
Extended connections made between items; links are not necessarily linear
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Internal assessment
Assessments that are developed by schools; summative internal assessments are endorsed by the QCAA before use in schools and results externally confirmed contribute towards a student's final result
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Interpret
Use knowledge and understanding to recognize trends and draw conclusions from given information; make clear or explicit, elucidate or understand in a particular way; bring out the meaning of, e.g. a dramatic or musical work, by performance or execution; bring out the meaning of an artwork by artistic representation or performance; give one
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Intertemporal
Any relationship between past, present and future events or conditions; relationships that are considered in different time lengths, e.g. short term and long term
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Investigate
Carry out an examination or formal inquiry in order to establish or obtain facts and reach new conclusions; search, inquire into, interpret and draw conclusions about data and information
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Investigation
An assessment technique that requires students to research a specific problem, question, issue, design challenge or hypothesis through the collection, analysis and synthesis of primary and/or secondary data; it uses research or investigative practices to assess a range of cognitions in a particular context; an investigation occurs over an extended and defined period of time
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Irrelevant
Not relevant; not applicable or pertinent; not connected with or relevant to something
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Isolated
Detached, separate, or unconnected with other things; one-off; something set apart or characterised as different in some way
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J
Judge
Form an opinion or conclusion about; apply both procedural and deliberative operations to make a determination
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Justified
Sound reasons or evidence are provided to support an argument, statement or conclusion
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Justify
Give reasons or evidence to support an answer, response or conclusion; show or prove how an argument, statement or conclusion is right or reasonable
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L
Learning Area
A grouping of subjects, with related characteristics, within a broad field of learning, e.g. the Arts, sciences, languages
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Logical
Rational and valid; internally consistent; reasonable; reasoning in accordance with the principles/rules of logic or formal argument; characterised by or capable of clear, sound reasoning; (of an action, decision, etc.) expected or sensible under the circumstances
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Logically
According to the rules of logic or formal argument; in a way that shows clear, sound reasoning; in a way that is expected or sensible
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M
Make decisions
Select from available options; weigh up positives and negatives of each option and consider all the alternatives to arrive at a position
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Manipulate
Adapt or change to suit one
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Market failure
Occurs when the market fails to allocate resources efficiently, or fails to provide the quantity and combination of goods and services mostly wanted by society; an underallocation or overallocation of resources
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Mental procedures
A domain of knowledge in Marzano's taxonomy, and acted upon by the cognitive, metacognitive and self-systems; sometimes referred to as 'procedural knowledge' there are three distinct phases to the acquisition of mental procedures — the cognitive stage, the associative stage, and the autonomous stage; the two categories of mental procedures are skills (single rules, algorithms and tactics) and processes (macroprocedures)
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Methodical
Performed, disposed or acting in a systematic way; orderly; characterised by method or order; performed or carried out systematically
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Minimal
Least possible; small, the least amount; negligible
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Model
In economics, a set of assumptions that supports a logical abstract template to assist in understanding and analysing economic events and issues; is based on variables from which inferences can be made about economic behaviour and performance
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Modify
Change the form or qualities of; make partial or minor changes to something
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Multifaceted
Having many different aspects, elements or features; possessing more than one side or perspective
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Multimodal
Uses a combination of at least two modes (e.g. spoken, written), delivered at the same time, to communicate ideas and information to a live or virtual audience, for a particular purpose; the selected modes are integrated so that each mode contributes significantly to the response
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N
Narrow
Limited in range or scope; lacking breadth of view; limited in amount; barely sufficient or adequate; restricted
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Nuanced
Showing a subtle difference or distinction in expression, meaning, response, etc.; finely differentiated; characterised by subtle shades of meaning or expression; a subtle distinction, variation or quality; sensibility to, awareness of, or ability to express delicate shadings, as of meaning, feeling, or value
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O
Objectives
See 'syllabus objectives', 'unit objectives', 'assessment objectives'
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Obvious
Clearly perceptible or evident; easily seen, recognised or understood
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Opportunity Cost
What is given up or sacrificed when a decision is made; the next best alternative that was traded off; includes benefits which are forgone e.g. satisfaction, so it is not a monetary or accounting cost
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Optimal
Best, most favourable, under a particular set of circumstances
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Organise
Arrange, order; form as or into a whole consisting of interdependent or coordinated parts, especially for harmonious or united action
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Organised
Systematically ordered and arranged; having a formal organisational structure to arrange, coordinate and carry out activities
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Outstanding
Exceptionally good; clearly noticeable; prominent; conspicuous; striking
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P
Paradox of Thrift
Economic concept that if everyone tries to save an increasingly larger portion of his or her income, they would become poorer instead of richer; relevant to Keynesian economics, in which increased savings represent a diminishing circular flow of income
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Partial
Not total or general; existing only in part; attempted, but incomplete
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Particular
Distinguished or different from others or from the ordinary; noteworthy
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Percentage Point
The numerical difference between two percentages; used to show the change in an indicator that is expressed as a percentage; one percentage point is equal to 100 basis points
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Perceptive
Having or showing insight and the ability to perceive or understand; discerning (see also \
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Performance
An assessment technique that requires students to demonstrate a range of cognitive, technical, creative and/or expressive skills and to apply theoretical and conceptual understandings, through the psychomotor domain; it involves student application of identified skills when responding to a task that involves solving a problem, providing a solution or conveying meaning or intent; a performance is developed over an extended and defined period of time
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Perspectives
Viewpoints, opinions or beliefs about the presented situation; in economics, points of view or particular attitudes towards, e.g. how resources are owned and production is distributed, command or free market, big or small government, import businesses versus export businesses
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Persuasive
Capable of changing someone's ideas, opinions or beliefs; appearing worthy of approval or acceptance; (of an argument or statement) communicating reasonably or credibly (see also \
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Perusal Time
Time allocated in an assessment to reading items and tasks and associated assessment materials; no writing is allowed; students may not make notes and may not commence responding to the assessment in the response space/book
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Planning time
Time allocated in an assessment to planning how to respond to items and tasks and associated assessment materials; students may make notes but may not commence responding to the assessment in the response space/book; notes made during planning are not collected, nor are they graded or used as evidence of achievement
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Point Method
A measure of price elasticity, that is, the responsiveness of demand to a change in price of the good (and/or formula), by a measure of price elasticity, that is, the responsiveness of demand to a change in price of the good (and/or formula)
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Polished
Flawless or excellent; performed with skilful ease
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Precise
Definite or exact; definitely or strictly stated, defined or fixed; characterised by definite or exact expression or execution
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Precision
Accuracy; exactness; exact observance of forms in conduct or actions
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Predict
Give an expected result of an upcoming action or event; suggest what may happen based on available information
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Present
Put forward (e.g. a point of view, idea, argument, suggestion) for consideration or action
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Primary
(of sources) information and/or data created directly by an author, group or organisation (e.g. the Australian Bureau of Statistics), and/or from a direct authority (e.g. comments by the Governor of the Reserve Bank), or generated directly by a student (e.g. from a student-designed survey)
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Principles
Fundamental or primary doctrines or tenets; accepted or professed rules of action or conduct
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Product
An assessment technique that focuses on the output or result of a process requiring the application of a range of cognitive, physical, technical, creative and/or expressive skills, and theoretical and conceptual understandings; a product is developed over an extended and defined period of time
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Proficient
Well advanced or expert in any art, science or subject; competent, skilled or adept in doing or using something
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Project
An assessment technique that focuses on a problem-solving process requiring the application of a range of cognitive, technical and creative skills and theoretical understandings; the response is a coherent work that documents the iterative process undertaken to develop a solution and includes written paragraphs and annotations, diagrams, sketches, drawings, photographs, video, spoken presentations, physical prototypes and/or models; a project is developed over an extended and defined period of time
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Propose
Put forward (e.g. a point of view, idea, argument, suggestion) for consideration or action
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Prove
Use a sequence of steps to obtain the required result in a formal way
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Psychomotor procedures
A domain of knowledge in Marzano's taxonomy, and acted upon by the cognitive, metacognitive and self-systems; these are physical procedures used to negotiate daily life and to engage in complex physical activities; the two categories of psychomotor procedures are skills (foundational procedures and simple combination procedures) and processes (complex combination procedures)
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Purposeful
Having an intended or desired result; having a useful purpose; determined; resolute; full of meaning; significant; intentional
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Q
QCE
Queensland Certificate of Education
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R
Range
(of sources) quantity of sources that may not be distinct in character, quality, information or corporate author
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Realise
Create or make (e.g. a musical, artistic or dramatic work); actualise; make real or concrete; give reality or substance to
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Reasonable
Endowed with reason; having sound judgment; fair and sensible; based on good sense; average; appropriate, moderate
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Reasoned
Logical and sound; based on logic or good sense; logically thought out and presented with justification; guided by reason; well-grounded; considered
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Recall
Remember; present remembered ideas, facts or experiences; bring something back into thought, attention or into one's mind
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Recognise
Identify or recall particular features of information from knowledge; identify that an item, characteristic or quality exists; perceive as existing or true; be aware of or acknowledge
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Reference List
Alphabetical list of all references cited in the text; bibliographic details include author, date of publication, name/title, publication address (if printed) or website publication address and date of retrieval; the reference list will adhere to a recognised system of reference, as nominated by the school
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Refined
Developed or improved so as to be precise, exact or subtle
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Reflect on
Think about deeply and carefully
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Rehearsed
Practised; previously experienced; practised extensively
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Related
Associated with or linked to
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Relationships
Correlations or causal connections between two or more variables; may be direct, indirect, or inverse
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Relevance
Being related to the matter at hand
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Relevant
Bearing upon or connected with the matter in hand; to the purpose; applicable and pertinent; having a direct bearing on
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Reliable
(of sources) trustworthy and credible
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Repetitive
Containing or characterised by repetition, especially when unnecessary or tiresome
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Report
A spoken or written account that describes in detail an event, situation or occurrence, usually as the result of observation, investigation or inquiry; in this subject is typically a formal type of communication with a particular format, including a cover page, headings and subheadings
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Reporting
Providing information that succinctly describes student performance at different junctures throughout a course of study
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Resolve
In the Arts, consolidate and communicate intent through a synthesis of ideas and application of media to express meaning
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Routine
Often encountered, previously experienced; commonplace; customary and regular; well-practiced; performed as part of a regular procedure, rather than for a special reason
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Rudimentary
Relating to rudiments or first principles; elementary; undeveloped; involving or limited to basic principles; relating to an immature, undeveloped or basic form
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S
Safe
Secure; not risky
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Secondary
(of sources) information and/or data not generated or directly created by the author of the source, such as government websites, media and expert commentary
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Secure
Sure; certain; able to be counted on; self-confident; poised; dependable; confident; assured; not liable to fail
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Select
Choose in preference to another or others; pick out
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Sensitive
Capable of perceiving with a sense or senses; aware of the attitudes, feelings or circumstances of others; having acute mental or emotional sensibility; relating to or connected with the senses or sensation
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Sequence
Place in a continuous or connected series; arrange in a particular order
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Sequencing
Deliberate organisation of key ideas
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Show
Provide the relevant reasoning to support a response
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Significant
Important; of consequence; expressing a meaning; indicative; includes all that is important; sufficiently great or important to be worthy of attention; noteworthy; having a particular meaning; indicative of something
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Simple
Easy to understand, deal with and use; not complex or complicated; plain; not elaborate or artificial; may concern a single or basic aspect; involving few elements, components or steps
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Simplistic
Characterised by extreme simplification, especially if misleading; oversimplified
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Sketch
Execute a drawing or painting in simple form, giving essential features but not necessarily with detail or accuracy; in mathematics, represent by means of a diagram or graph; the sketch should give a general idea of the required shape or relationship and should include features
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Skilled
Having or showing the knowledge, ability or training to perform a certain activity or task well; having skill; trained or experienced
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Skillful
Having technical facility or practical ability; possessing, showing, involving or requiring skill; expert; dexterous; demonstrating the knowledge, ability or training to perform a certain activity or task well; trained, practised or experienced
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Skillful
Showing, involving or requiring skill
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Solve
Find an answer to, explanation for, or means of dealing with (e.g. a problem); work out the answer or solution to (e.g. a mathematical problem); obtain the answer/s using algebraic, numerical and/or graphical methods
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Some
A number of, but not all or most
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Sophisticated
Of intellectual complexity; reflecting a high degree of skill, intelligence, etc.; employing advanced or refined methods or concepts; highly developed or complicated
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Specific
Clearly defined or identified; precise and clear in making statements or issuing instructions; having a special application or reference; explicit, or definite; peculiar or proper to something, as qualities, characteristics, effects, etc.
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Sporadic
Happening now and again or at intervals; irregular or occasional; appearing in scattered or isolated instances
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Straightforward
Without difficulty; uncomplicated; direct; easy to do or understand
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Structure
Verb: give a pattern, organization or arrangement to; construct or arrange according to a plan; Noun: in languages, arrangement of words into larger units, e.g. phrases, clauses, sentences, paragraphs and whole texts, in line with cultural, intercultural and textual conventions
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Structured
Organized or arranged so as to produce a desired result
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Suasion
The act of advising, urging, attempting to persuade
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Subject
A branch or area of knowledge or learning defined by a syllabus; school subjects are usually based in a discipline or field of study (see also 'course')
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Subject Matter
The subject-specific body of information, mental procedures and psychomotor procedures that are necessary for students' learning and engagement within that subject
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Substantial
Ample or considerable amount, quantity, size, etc.; of real worth or value; firmly or solidly established; of real significance; reliable; important; worthwhile
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Substantiated
Established by proof or competent evidence
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Subtle
Fine or delicate in meaning or intent; making use of indirect methods; not straightforward or obvious
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Successful
Achieving or having achieved success; accomplishing a desired aim or result
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Succinct
Expressed in few words; concise; terse; characterised by conciseness or brevity; brief and clear
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Sufficient
Enough or adequate for the purpose
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Suitable
Appropriate; fitting; conforming or agreeing in nature, condition, or action
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Summarise
Give a brief statement of a general theme or major point/s; present ideas and information in fewer words and in sequence
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Summative assessment
Assessment whose major purpose is to indicate student achievement; summative assessments contribute towards a student's subject result
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Superficial
Concerned with or comprehending only what is on the surface or obvious; shallow; not profound, thorough, deep or complete; existing or occurring at or on the surface; cursory; lacking depth of character or understanding; apparent and sometimes trivial
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Supported
Corroborated; given greater credibility by providing evidence
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Sustained
Carried on continuously, without interruption, or without any diminishing of intensity or extent
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Syllabus
A document that prescribes the curriculum for a course of study
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Syllabus objectives
Outline what the school is required to teach and what students have the opportunity to learn; described in terms of actions that operate on the subject matter; the overarching objectives for a course of study (see also 'unit objectives', 'assessment objectives')
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Symbolise
Represent or identify by a symbol or symbols
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Synthesise
Combine different parts or elements (e.g. information, ideas, components) into a whole, in order to create new understanding
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Systematic
Done or acting according to a fixed plan or system; methodical; organised and logical; having, showing, or involving a system, method, or plan; characterised by system or method; methodical; arranged in, or comprising an ordered system
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T
Test
Take measures to check the quality, performance or reliability of something
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Thorough
Carried out through, or applied to the whole of something; carried out completely and carefully; including all that is required; complete with attention to every detail; not superficial or partial; performed or written with care and completeness; taking pains to do something carefully and completely
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Thoughtful
Occupied with, or given to thought; contemplative; meditative; reflective; characterised by or manifesting thought
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Topic
A division of, or sub-section within a unit; all topics/sub-topics within a unit are interrelated
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Total revenue method
A measure of price elasticity; the responsiveness of demand to a change in price of the good (and/or formula), by calculating the change to total revenue, before and after the change in price
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Tragedy of the commons
An economic problem in which every individual tries to reap the greatest benefit from a given resource; as the demand for the resource overwhelms the supply, every individual who consumes an additional unit directly harms others who can no longer enjoy the benefits
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Transmission mechanism
Process by which changes to the cash rate are transmitted to interest rates, real output and aggregate demand within an economy
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Trends
The general direction, momentum or observable pattern of behaviour of a variable in a time series
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U
Unclear
Not clear or distinct; not easy to understand; obscure
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Understand
Perceive what is meant by something; grasp; be familiar with (e.g. an idea); construct meaning from messages, including oral, written and graphic communication
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Uneven
Unequal; not properly corresponding or agreeing; irregular; varying; not uniform; not equally balanced
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Unfamiliar
Not previously encountered; situations or materials that have not been the focus of prior learning experiences or activities
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Unintended consequences
Consequences of an action, choice or policy decision that were not foreseen or expected
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Unit
A defined amount of subject matter delivered in a specific context or with a particular focus; it includes unit objectives particular to the unit, subject matter and assessment direction
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Unit objectives
Drawn from the syllabus objectives and contextualised for the subject matter and requirements of a particular unit; they are assessed at least once in the unit (see also 'syllabus objectives', 'assessment objectives')
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Unrelated
Having no relationship; unconnected
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Use
Operate or put into effect; apply knowledge or rules to put theory into practice
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V
Vague
Not definite in statement or meaning; not explicit or precise; not definitely fixed, determined or known; of uncertain, indefinite or unclear character or meaning; not clear in thought or understanding; couched in general or indefinite terms; not definitely or precisely expressed; deficient in details or particulars; thinking or communicating in an unfocused or imprecise way
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Valid
Sound, just or well-founded; authoritative; having a sound basis in logic or fact (of an argument or point); reasonable or cogent; able to be supported; legitimate and defensible; applicable
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Variable
Adjective: apt or liable to vary or change; changeable; inconsistent; (readily) susceptible or capable of variation; fluctuating, uncertain; Noun: In mathematics, a symbol, or the quantity it signifies, that may represent any one of a given set of number and other objects
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Variety
A number or range of things of different kinds, or the same general class, that are distinct in character or quality; (of sources) a number of different modes or references that have
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W
Wide
Of great range or scope; embracing a great number or variety of subjects, cases, etc.; of full extent
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With expression
In words, art, music or movement, conveying or indicating feeling, spirit, character, etc.; a way of expressing or representing something; vivid, effective or persuasive communication
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