Economic
Vocabulary
What is the definition of lord?
A nobleman who owned land and had authority over the people living on it.
A need is something you must have to survive.
True
Who was at the top of feudal society?
King
What is scarcity?
Having limited resources but unlimited wants
A peasant tied to the land who could not leave without permission.
Serf
What is the definition of Knight
A noble warrior in the medieval period who served a lord in exchange for land and protection.
A want is something you can live without.
True
Name two roles of peasants
Farming, working the land, providing food
Give one example of scarcity.
Not enough food, water, money, or time
What was the period when Europeans explored and colonized new lands?
Age of Exploration
What is the Definition of Peasant?
A common person or farmer who worked the land, often living in rural areas and serving lords.
Everyone’s wants are exactly the same.
False
What role did knights have?
They fought and protected nobles
Why does scarcity exist?
Resources cannot meet all wants
What is the system where lords owned land and serfs worked it?
Feudalism
What is the definition of Usury?
The practice of lending money at extremely high-interest rates, often considered unethical.
Clothing is a basic need.
True
How did Feudalism decline over time?
Feudalism declined due to trade, towns, the Black Death, and stronger kings.
How does scarcity affect choices?
It forces people to choose
What is the exchange of goods and services without using money
Barter
What is the definition of Medici Family?
A powerful banking family in Renaissance Italy known for their support of the arts and influence in politics.
Toys are needs
False
Name two groups in the feudal system.
Nobles, knights
What do people have to do because of scarcity?
Make choices
What is a business where investors share risks and profits?
Joint-stock company