Basic Economic and Colonial Terms

hardships

• difficulties that cause people to work hard

• easy tasks that require little effort

• luxurious experiences that bring joy

• simple challenges that are easily overcome

colonist

• a person who lives in a colony

• a type of government official

• a native inhabitant of a region

• a traveler exploring new lands

raw materials

• a natural resource, such as wood, that can be used to manufacture a product.

• a type of finished product ready for sale.

• a synthetic material created in a laboratory.

• a byproduct of manufacturing processes.

colony

• a settlement ruled by a distant country

• a type of government system

• a group of people living in isolation

• a territory governed by local leaders

economics

• the study of how people use resources to meet their needs

• the analysis of financial markets and investments

• the examination of government policies and their effects

• the exploration of historical events and their impact on society

charter

• a document giving a person or a group of people the approval to take action

• a type of legal contract for renting property

• a formal agreement to establish a business

• a set of rules governing a community

claim

• to say you own something

• to deny ownership of something

• to request something from someone

• to assert a false statement

permanent

• temporary

• long lasting

• short-lived

• transient

profit

• the money left over after all expenses have been paid

• the total revenue generated from sales

• the amount spent on production costs

• the income before taxes are deducted

stock

• a share of ownership in a company

• a type of bond

• a financial derivative

• a form of currency