Vocabulary 1
What is the black death?
A widespread plague during the 14th century that killed millions in Europe.
What is currency?
The system of money used in a specific country including coins and paper bills.
What is a monarch?
it's a king or queen who fully rules the country.
What are wants?
Things you desire but aren't necessary.
What is profit?
The money made from a business after all the expenses have been paid.
What is credit?
To borrow money or get access to goods or service, and promising to pay later.
What is a lord?
A nobleman who owned land with people living on it.
What are needs?
Essential things for survival.
What is a manor?
a large estate owned by a lord, including land, housing for workers and farming areas.
What is the age of exploration?
A period from the 15th to 17th century, where European countries explored and colonized land.
What is a knight?
A noble warrior who served the lord in exchange for land or protection.
What is the different between wants and needs?
The different between wants and needs is that want is something that you desire but isn't necessary. However, need is an essential thing for survival.
What is barter?
The exchange of goods and services directly for other goods and services without using money.
What is a joint-stock company?
A business arrangement where multiple investors share the risks and profits of a company.
What is a peasant?
A common person or farmer who worked on the lord's land. Living in rural areas, serving the lord.
What is Scarcity?
Resources that are limited and not enough to meet the demands of people.
What is usury?
To lend money with a high-interest rate, usually called unethical.
What is the medici family?
A powerful family in Renaissance known for their support of the arts and influence in politics.
What is a serf?
A peasant who worked on the lord's land and is unable to leave.
Give two example of wants, needs and scarcity?
Multiple answers.