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IEC4 WGU Econ/World

WGU IEC4 Economics & World Civilization Part II

What describes unethical trade practices? Dumping: Selling goods for less than the production cost.Subsidies, High Trade Barriers, Predatory Pricing
Tariff A per-unit tax imposed on internationally traded goods.
Roles of an entrepernur Identifying needs and filling them. Distributing capital, employing large amounts of people.
Monopoly An industry in which one firm supplies the entire market. Usually supported by a trade entry barrier. (Patents are a good way to think of this)
Oligopoly A Market structure in which few firms supply the entire market. Mutually independent. Excercise large degree of market power.
Gross Domestic Product Total market value of all new goods produced withing the United States Borders during the current year.
Gross National Product Same as GDP exept includes US nationals working abroad.
Prehistoric Practiced basic subsistence farmingHunted and GatheredMaintained small food surplusMembers of small communitiesFollws simple social hierarchiesUsed simple tools Relocated frequently
What was the early stone age characterized by? Nomadic Hunting, fishing and food gathering.
During the neolithic period humans began to do what? Domesticate plants and animals. Which intiated the rise of agriculture and permanent settlements.
Mesopotamia Cuneiform and the wheel
Mayas: Built great monuments and cities. Popol Vuh, made extremley accurate calendars. Zeros
Incas: Women equality, Spoke but had a non verbal way used through textiles which also served as a form of worth. Labor tax
Aztecs: Strict and hierarchical. Punishments for breaking laws were severe. All members of society were trained warriors. Participated in human sacrafice and worshiped the sun god.
Ghandi Spiritual and Political leader. Taught passive resistance. Protested the tax and told indians to refuse to cooperate with the british.
Mustafa Kemal Ataturk: Took Control of Local assembly, Became president of rebublic of Turkey, Dedicated to modernizing, was expereinced form WWI, seperated goverment from Islam.
Reza Shah Pahlavi staged a coup d'├ętat of the Persian government, Encouraged the construction of domestic infrastructure (Roads, hospitals, and education centers.) Women gained rights,
Legalists/Legalism Believe in the values of power, fear, and harsh law.
Qin Dynasty Construction of Great Wall
Han Dynasty Silk Road
Socialism refers to a broad set of economic theories of social organization advocating state or collective ownership and administration of the means of production and distribution of goods, and the creation of an egalitarian society.All socialists advocate the crea
Lenin Golero Plan- First ever Soviet project for national economic recovery and development,concerned about creating a free universal health care system for all, the rights of women, and teaching the illiterate Russian people to read. New economic policy, lenin
Hitler Recieved iron cross. Used nations postwar depression and unemployment to enhance party power. Promised security against communists and socialists.
What is the impact of imports on domestic prices? Increases consumer satisfaction,Cause leakage from domestic economy, Reduces multiplier effect.
Olmecs Played ball
Feudalism Medieval Europe political system composed of a set of reciprocal legal and military obligations among the warrior nobility, revolving around the three key concepts of lords, vassals, and fiefs. Granted land in exchange for service.
Poulares Approval of people not aristocracy
Imperialism Extending a nations power by some form of power over a foreign power.
Imperium Right to issue commands and enforce fines, arrests, physical punishment, death.
Sub-Saharan Africa Made/Used stone tools, herding, iron working, long distance trade, developed organizations with kingdoms and chiefs.
Paleo Hunters/Gatherers, fishers, sophisticated tools, made clothing, weaving.
Neo Permanent buildings, architecture, farming, pottery, writting, domesticated plants and animals, hierarchy
Shang Dynasty Oracle Bones
Zhou Dynasty Mandate of Heaven, Daoism,
Mao TSE Great leap forward (Alternative model for econ growth.
Great leap continued many peasants ordered to work on infrastructure projects and production of iron/steel.
GL Contin private food production was banned; livestock and farm implements were brought under collective ownership.
Created by: christina91300
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