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Civics Vocab

April 27

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