Vocabulary

1. Vocabulary Week 2

2. 1) Choice • Decision made or course of action taken when faced with a set of alternatives.

3. 2) Decision Making • Reaching a conclusion after considering alternatives and their results

4. 3) Economic Growth • An increase in real output as measured by real GDP or per capita GDP. • GDP = Gross Domestic Product

5. 4) Entrepreneur • One who draws upon his or her skills and initiative to launch a new business venture with the aim of making a profit. Often a risk-taker, inclined to see opportunity when others do not.

6. 5) Factors of Production • Productive resources; what is required to produce the goods and services that people want; natural resources, human resources, capital goods and entrepreneurship.

7. 6) Federal Income Tax • A tax paid by individuals and businesses to the federal government to fund such services as national defense, human services, and the monitoring and regulation of trade.

8. 7) Absolute Location • A point on the earth's surface expressed by a coordinate system such as latitude and longitude.

9. 8) Continent • The world’s largest land masses. They are: • Africa • North America • South America • Antarctica • Asia • Australia • Europe

10. 9) Hemispheres • Lines of latitude and longitude that divide the earth into halves

11. 10) Relative Location • A location of a place in relation to another place (i.e. south or downhill).

12. Vocabulary Week #3

13. 1) Goods • Tangible objects that satisfy economic wants.

14. 2) Government Expenditures • Goods and services provided by government and paid for by taxing and borrowing. Federal government expenditures include national defense and a system of justice. State and local government expenditures include police, roads and public education.

15. 3) Government Revenues • Funds raised through taxing and borrowing to pay for government expenditures.

16. 4) Incentive • Any reward or benefit, such as money, advantage or good feeling that motivates people to do something.

17. 5) Opportunity Cost • The second-best alternative (or the value of that alternative) that must be given up when scarce resources are used for one purpose instead of another.

18. 6) Productive Resources • Natural resources, human resources, capital resources and entrepreneurship used to make goods and services.

19. 7) Naval Stores • Any product made of pine or pine sap

20. 8) climate • is the pattern of variation in temperature, humidity, wind, precipitation, and other meteorological variables in a given region over long periods

21. 9) navigable • A waterway that is deep enough and wide enough to afford passage to ships

22. 10) indigo • a plant that yields indigo for dye

23. Vocabulary Week 4

24. 1) Profit • Income received for entrepreneurial skills and risk taking, calculated by subtracting all of a firm’s costs from its revenues.

25. 2) Profit Motive • The desire to make money which gives people the incentive to work hard to produce goods and services.

26. 3) Property Tax • A tax on land and structures built on it. Payments go to state and/or local governments to pay for police, public school, libraries, etc.

27. 4) Risk • The chance of losing money.

28. 5) Sales Tax • Tax in the form of a percent of the cost of a good or service; paid to local and state governments when goods and services are purchased.

29. 6) Scarcity • The condition that exists because human wants exceed the capacity of available resources to satisfy those wants; also a situation in which a resource has more than one valuable use. The problem of scarcity faces all individuals and organizations, including firms and government agencies.

30. 7) International • between or among nations; involving two or more nations

31. 8) Domestic • of or pertaining to one's own or a particular country as apart from other countries

32. 9) Cargo • the lading or freight of a ship, airplane, etc.

33. 10) Deepwater ports • made for the usage of very large and heavily loaded ships; the water is 30 feet deep or deeper.

34. Vocabulary Week 5

35. 1) Services • Activities performed by people, firms or government agencies to satisfy economic wants.

36. 2) Taxes • Compulsory payments to governments by households and businesses.

37. 3) Trade • Voluntary exchange of goods and services for money or other goods and services.

38. 4) Legislative Branch • Georgia Assembly at the State Level • Congress on the National Level • Makes the laws

39. 5) Executive Branch • Headed by the Governor at the State Level • Headed by the President at the National Level • Carries out and enforces the laws

40. 6) Judicial Branch • Headed by the Georgia Supreme Court on the State Level • Headed by the United States Supreme Court on the National Level • Determines the constitutionality of the laws

41. 7) Constitution • the system of fundamental principles according to which a nation or state, or the like, is governed; the document embodying these principles.

42. 8) Wisdom • the quality or state of being wise; knowledge of what is true or right coupled with just judgment as to action

43. 9) Justice • the quality of being just; righteousness, equitableness, or moral rightness: to uphold the justice of a cause.

44. 10) Moderation • the quality of being moderate; restraint; avoidance of extremes or excesses; temperance

45. Vocabulary Week 6

46. Governor • Nathan Deal

47. Lieutenant Governor • Casey Cagle

48. Chief Justice Georgia Supreme Court • Hugh P. Thompson

49. Speaker, House of Representatives • David Ralston

50. President Pro tempore of the Senate • David Shafer