Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Capitalism-7th grade
Social studies test
| Question | Answer |
|---|---|
| What is capitalism? | economic system based upon the "private ownership" of resources and production that is driven to make a profit |
| Who owns property, goods, buys and sells goods in capitalism? | the people |
| What was the major economic model for European nations to regulate trade so they could build up gold and silver? | Mercantilism |
| Mercantilism | Trade was regulated, but it was operated by private ownership |
| What factors led to capitalism? | 1.International trade 2. mercantalism 3. Rise of the middle class 4. Developing market economy |
| Why did international trade help lead to capitalism? | -the economics changed -investing $ in a ship and establishing trade relationships was risky but there was lots of $ to be made -high risk yields higher reward |
| What is the definition of supply? | What can be sold? How much is there to go around? |
| What is demand? | What do people want? What are people will to pay? |
| If an item is difficult to get, it will cost... | more |
| If there is too much of an item, it will cost.... | less |
| AS world trade grew, most merchants tried to find goods that were... | cheap in one place, but in high demand elsewhere Ex: Sugarcane |
| The age of exploration caused an economic change form the feudal (serf) system to what? | a growing merchant class |
| What is a developing market economy? | a system in which individual buyers and sellers interact in the marketplace to exchange goods and services |
| What was the name of the book Adam Smith write and what did it argue? | Wealth of Nations-argued that governments should stay out of business for it to grow and be successful |
| What is free enterprise? | the freedom of private businesses to compete for profits without government involvement. |
| What did the European nations establish with most Asian nations? | "mutually beneficial" trade relationship. Asian nations were treated as equals by Europeans |
| How would the Asian nations be described during this time period? | highly advanced prosperous relatively modern militarily strong |
| What did Europeans want from Asia? | silks, artworks, porcelain, spices |
| What did Asians want from Europeans? | clocks, eyeglasses, firearms, scientific instruments |
| How did Asian nations feel about Europeans? | Not all nations welcomed the arrival of Europeans? They especially did not like missionaries spreading christianity. Europeans were a threat to their power |
| What were the Asian religions? | Hinduism ,Buddhism, Shintoism, Confucianism, Islam |
| What was isolationism? | The policy of turning inward from the world. Keeping out other cultures |
| How did Asian nations use isolationism? | They took what they needed from Europeans...mostly weapons and technical knowledge. Then, they closed their nation to foreigners. |
| Did Asia and Europe trade? | Japan and China did allow trade at select ports-limited trade. |
| Where did Europeans trade? | Trading outposts on the island southeast of Asia. the "spice islands" became part of Portugal's and the Dutch's trading post empire |
| Why did the Dutch have more success at these posts? | They didn't try to convert people to Christianity. |
| How was Spain involved in Asia? | They founded a colony in the Phillipines. They did not find spices, but they had fertile soil and an excellent location for trade |
| What were the lasting effects of trade on Asia? | 1. Gl0bal trade led to a change in the economies 2. Asia became more dependent on European trade and markets. 3. Created a prosperous merchant class in Asia 4. Profound impact on society and culture |
Created by:
cmartin1
Popular Social Studies sets