Final answer:
John Macarthur established Elizabeth Farm at Parramatta, marking an important development in Australia's agricultural and pastoral history.
Step-by-step explanation:
John Macarthur established Elizabeth Farm at Parramatta. Elizabeth Farm is a historical estate located in Parramatta, a suburb of Sydney, and is an important site linked to the early colonial agriculture and pastoral industry in Australia. John Macarthur was a British army officer and a pioneering entrepreneur known for initiating the wool industry in Australia, which would become an important export for the country.
While terms like Elizabethan Settlement, Fall Line, Sir Richard Grenville, and others might be relevant to different historical contexts, such as the establishment of English colonies in America, they do not directly relate to the question at hand. The student's query centers around the establishment of a farm in Parramatta, Australia, specifically Elizabeth Farm.