VOCABULARY PART 1
What is Age of Exploration?
A period from the 15th to the 17th century when European countries explored and colonized new lands across the world.
What is a Peasant?
A common person or farmer who worked the land, often living in rural areas and serving lords.
What is a need?
essential requirements for survival.
What is a Risk?
The possibility of losing money or facing negative outcomes in a business or investment.
What is a Serf?
A peasant who worked on a lord's land and was tied to that land, unable to leave without permission.
what is a want?
something you deeply disire but is not essential.
What is a profit?
The money made from a business after all expenses have been paid.
what is a knight?
A noble warrior in the medieval period who served a lord in exchange for land and protection.
what is scarcity?
when there are not enough supply to meet the demands of people.
What is a Joint-Stock Company?
A business arrangement where multiple investors share the risks and profits of a commercial venture.
What is a Lord?
A nobleman who owned land and had authority over the people living on it, often providing protection and governance.
What is Feudalism?
A social and economic system in medieval Europe where land was owned by lords, and serfs worked the land in exchange for protection.
What is a Monarch?
A king or queen who rules a kingdom or empire, often inheriting their position through family line.