Economics Review 1

3. land personally owned by (an) individual(s) which cannot be taken away without legal proceedings (2 words)
4. property owned by the king/kingdom and worked by the peasantry/serfs (2 words)
6. groups that controlled production, employment, pricing and more of specific industries (2 words)
9. allows the use of goods/services now while paying at a later date
11. medieval social system that was arranged by hierarchical class based on birth or heredity
12. the production, distribution, management, and utilization of wealth and resources in a society
14. where currency, i.e. metal coins, are stamped and stored
15. signed & dated note requiring the bank to pay a specific amount to the bearer
16. era in which agriculture & bartering/trading with grain products revolutionized societies
18. paper that can be exchanged at a bank for legal tender; example: a dollar bill
19. subjective worth that one places on a good/service
20. the usefulness of a good or service

1. economic system centered on the idea of "fixed wealth" & which encouraged domestic trade rather than foreign
2. two or more objects are exchanged
5. the use of these allowed states to evenly pay soldiers from looted treasures and became widespread during the Classical Antiquity (2 words)
6. type of economy that is controlled by a single person or small group
7. exchange of goods that includes an exchange of currency
8. people of the lowest social class, bound to the land of a king or noble
10. taxes placed on imports meant to discourage foreign goods
13. time period following the fall of Rome, lasting until the mid 15th century, in which economies were controlled by royalty (2 words)
17. medieval social class that lived in and managed manors/estates for the king