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Civics Vocab
April 27
| Word | Def. |
|---|---|
| Felony | Serious crime, such as murder or arson |
| Misdemeanor | Minor offenses punishable by up to a year in jail or a fine |
| Defendant | Person defending himself or herself in a court of law |
| Plaintiff | Person who brings a legal charge or lawsuit |
| Verdict | The finding or answer of a jury given to the court concerning a matter submitted to their judgment |
| Economics | Social science that studies the choices of producers and consumers as they try to satisfy unlimited wants and needs with limited resources |
| Wants | To desire greatly; wish for |
| Needs | Of necessity |
| Land | Property and natural resources, one of the four factors of production |
| Renewable Resources | Natural resource that can be replaced, such as trees |
| Consumer | A person who buys and uses products |
| Labor | Work, one of the four factors of production |
| Capital | Factor of production, such as finances and capital goods |
| Entrepreneurship | Starting and expanding enterprises |
| Productivity | Amount of goods and services an economy makes, or output |
| Limited Resources | Also called scarcity, the economic fact that no one has sufficient resources to meet all of his or her wants and needs |
| Services | Intangibles that people use and cannot buy, such as telephone service |
| Goods | Articles of trade; wares; merchandise |
| Wages | Payment for labor |
| Salary | Compensation for employees in exchange for work and time |
| Producer | Company or individual that makes goods or services that consumers purchase and use to satisfy their wants and needs |
| Nonrenewable Resources | Neutral resources such as minerals and fossil fuels that cannot be replaced |
Created by:
Civics123
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