Vocabulary
what is the correct definition of Monarchy
Where usually a King or Queen rules.
What is a want?
have a desire or wish for something that you can live without.
What is the correct definition of Risk?
The possibility of a negative outcome.
What is a need?
What is the correct definition of Profit?
The money earned after Paying off all the expenses
give three Examples of wants.
Anything you want :)
What is the correct definition of Labour?
The effort and work done by people.
what is a lord in Feudalism
a lord was a noble who owned land and pay portions of it to lesser social class or knights) in exchange and trade goods with other lords.
give three Main examples of needs?
Food, Water, Shelter
What is the correct definition of Feudalism?
A social economic system where there is a Monarch, lord Knight and serf.
what's a monarch in feudalism?
a monarch (king or queen)the ruler at the top of the social hierarchy, has almost unlimited power.
Define the definition Scarcity? And give one example that is scarce and (also) is a need?
Scarce is something that could run out.
(food) is scarce and you need it to survive.