VocabularyWeek 2

1) ChoiceDecision made or course of action taken when faced with a set of alternatives.

2) Decision Making

Reaching a conclusion after considering alternatives and their results

3) Economic Growth

An increase in real output as measured by real GDP or per capita GDP.

GDP = Gross Domestic Product

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.

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

6) Federal Income TaxA 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.

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

8) ContinentThe world’s largest land masses. They

are:AfricaNorth AmericaSouth AmericaAntarcticaAsiaAustraliaEurope

9) HemispheresLines of latitude and longitude that divide the earth into halves

10) Relative Location

A location of a place in relation to another place (i.e. south or downhill).

VocabularyWeek #3

1) Goods Tangible objects that satisfy economic

wants.

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.

3) Government Revenues Funds raised through taxing and

borrowing to pay for government expenditures.

4) Incentive Any reward or benefit, such as money,

advantage or good feeling that motivates people to do something.

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.

6) Productive Resources Natural resources, human resources,

capital resources and entrepreneurship used to make goods and services.

7) Naval Stores Any product made of pine or pine sap

8) climate is the pattern of variation in

temperature, humidity, wind, precipitation, and other meteorological variables in a given region over long periods

9) navigable A waterway that is deep enough and

wide enough to afford passage to ships

10) indigo a plant that yields indigo for dye

VocabularyWeek 4

1) Profit Income received for entrepreneurial

skills and risk taking, calculated by subtracting all of a firm’s costs from its revenues.

2) Profit Motive The desire to make money which gives

people the incentive to work hard to produce goods and services.

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.

4) Risk The chance of losing money.

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.

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.

7) International between or among nations; involving

two or more nations

8) Domestic of or pertaining to one's own or a

particular country as apart from other countries

9) Cargo the lading or freight of a ship, airplane,

etc.

10) Deepwater ports made for the usage of very large and

heavily loaded ships; the water is 30 feet deep or deeper.

VocabularyWeek 5

1) Services Activities performed by people, firms or

government agencies to satisfy economic wants.

2) Taxes Compulsory payments to governments

by households and businesses.

3) Trade Voluntary exchange of goods and

services for money or other goods and services.

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

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

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

7) Constitution the system of fundamental principles

according to which a nation or state, or the like, is governed; the document embodying these principles.

8) Wisdom the quality or state of being wise;

knowledge of what is true or right coupled with just judgment as to action

9) Justice the quality of being just; righteousness,

equitableness, or moral rightness: to uphold the justice of a cause.

10) Moderation

the quality of being moderate; restraint; avoidance of extremes or excesses; temperance

VocabularyWeek 6

Governor Nathan Deal

Lieutenant Governor Casey Cagle

Chief Justice Georgia Supreme Court Hugh P. Thompson

Speaker, House of Representatives David Ralston

President Pro tempore of the Senate David Shafer

State Senators for McDonoughDistrict 17 Rick Jeffares

Representatives for McDonough District 109 – Dale Rutledge District 111 – Brian

Strickland District 110 – Andrew Welch

VocabularyWeek 7

VocabularyWeek 8

1) Consecutive

following one another in uninterrupted succession or order

2) appoint

to name or assign to a position, an office, or the like

3) Civil law

the body of laws of a state or nation regulating ordinary private matters

4) Criminal law

the laws of a state or country dealing with criminal offenses and their punishments

5) pardon

a release from the penalty of an offense; a remission of penalty, as by a governor

6) Civil defenseplans or activities organized

by civilians and civilian authorities for the protection of civilian population and property in times of such disasters or emergencies as war or floods.

7) resignation

a formal statement, document, etc., stating that one gives up an office, position

8) impeachment(in Congress or a state legislature) the presentation of formal charges against a public official by the lower house, trial to be before the upper house

9) Chief executive

the governor of a U.S. state; the head of a government

10) commissioner

a government official or representative in charge of a department or district

1) appropriation an act of a legislature authorizing

money to be paid from the treasury for a specified use

2) confirm to make valid or binding by some formal

or legal act

3) bicameral having two branches, chambers, or

houses, as a legislative body

4) Presiding officer the leader of a group meeting

5) recess temporary withdrawal or cessation from

the usual work or activity; a period of such withdrawal.

6) Real property an estate or property consisting of lands

and of all the things on the lands, as buildings, crops, or mineral rights (distinguished from personal property )

7) contract an agreement between two or more

parties for the doing or not doing of something specified; an agreement enforceable by law.

8) mortgage a giving of an interest in property as

security for the repayment of money borrowed; the deed by which such a transaction is completed

9) regulations a law, rule, or other order prescribed by

authority, especially to control conduct.

10) welfare the good fortune, health, happiness,

prosperity, etc., of a person, group, or organization; well-being

VocabularyWeek 8

1) chief executive

the governor of a U.S. state

2) Commissioner

a government official or representative in charge of a department or district

3) consecutive

following one another in uninterrupted succession or order

4) statute

an enactment made by a legislature and expressed in a formal document

5) Civil law

the body of laws of a state or nation regulating ordinary private matters

6) Criminal law

the laws of a state or country dealing with criminal offenses and their punishments

7) appoint

to name or assign to a position, an office, or the like; designate

8) Civil defenseplans or activities organized

by civilians and civilian authorities for the protection of civilian population and property in times of such disasters or emergencies as war or floods.

9) resignation

a formal statement, document, etc., stating that one gives up an office, position, etc

10) impeachment(in Congress or a state legislature) the presentation of formal charges against a public official by the lower house, trial to be before the upper house.

VocabularyWeek 9

1) will

to give or dispose of (property) by a will or testament; bequeath or devise

2) frauddeceit, trickery, or breach of confidence, in order to profit or to gain some unfair or dishonest advantage; criminal deception

3) Habeas corpusa formal order requiring a

person to be brought before a judge or court, especially for investigation of a restraint of the person's liberty, used as a protection against illegal imprisonment.

4) due process

the administration of justice in accordance with established rules and principles

5) plaintiff

a person who brings suit in a court

6) defendant

a person, company, etc., against whom a claim or charge is brought in a court

7) felonyan offense, as murder or burglary, of graver character than those called misdemeanors, especially those commonly punished in the U.S. by imprisonment for more than a year

8) misdemeanor

a criminal offense defined as less serious than a felony

9) mediation

The attempt to settle a dispute through a neutral party

10) arbitration

The settling of disputes between two parties by an impartial third party, whose decision the contending parties agree to accept.