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Economics & World Civilization

Greek Contributions Realistic Sculpture, advances in math/science/geometry, large monarchial state, libraries
Feudalism Landowners granted land to vassals in echange for service (military or homage)
Tariff Shrink trade deficit by reducing imports/appreciating currency, limit competition for industries new to country, protect employees in an industry, ensure their country is self-sufficient in key industries, gain money to fund government operations
Impact of Imports on Domestic Prices Increases consumer satisfaction, cause leakage from domestic economy, reduce multiplier effect
Paleolithic hunters/gatherers, fishers, sophisticated tools, fires, made clothing and wove baskets
Neolithic permanent buildings, architecture, farming, pottery, writing domesticated plants and animals, hierarchy
Olmecs played ball
Incas women equality, roads through mountains, monuments/buildings, labor tax, sun god
Mesolithic Introduced farming, hunting, pottery, bone tools, bow developed, hafted axes
Nelson Mandela won nobel peace prize for bringing end to apartheid, 27 yrs in prison former president of south africa
Chinese Contributions bureaucracy, oracle bones, rise of commerce, irrigation/drainage, writing on shoulder blades of pigs
chines contributions military went to war in shariots, foot soldiers, great wall, human sacrifice bronze (advanced)
Mao Tse Great leap forward, launched cultural revolution
Chinese Contributions grain stored in pottery, omens from God, expansion of agriculture
Han Dynasty Silk Road
Start WWI Assassination of Archduke Fernando
Tariff tax imposed on each imported good
Gross Domestic Product all goods and services produced within a countries boundries in one year
Oligopoly small number of producers, barriers to entry, price searchers and mutual independence
Monopoly single seller, barriers of entry, considerable control over price, profit maximization or quantity existence barriers
International trade countries specialize in products/services and exchange them w/others
Opportunity Cost What you give up when you make a rational choice (best alternative)
Specialization use of resources to their best advantage
Exchange trading of goods/services produced through specialization
Labor Unions Represent/protect workers interests, can create monopolies, protect natural resources
Populares Approval of people, not aristocracy
Gandhi Drew on elements of Hindu, western and christian thought to force British rule from the country
Hitler Used nations postwar depression and unemployment to enhance party power
Hitler Promised security against communists and socialists
Lenin Lawyer, leader of communist revolt, new economic policy, arrested and exiled, pulled out of WWI, closed gap between rural/urban communities, wanted electricity for all
Shauket Aziz Prime Minister of pakistan, hand picked by president, also finance minister
Mustafa Kemal Ataturk Independce, ended Ottoman dynasty, reforms Political, social, legal, economic cultural, peacemaker
Reza Shah Pahiavi Prime Minister of Iran, had trans-Iranian railway built modern education introduced, fought many battles
Jomo Kenyatta Kenyan, was president of the Kenya African National Union, was Prim minister, wrot book "facing mount Kenya"
Sub-Saharan Africa made/used stone tools, agriculture, herding, ironworking developed organizations with chiefdoms/kingdoms, long distance trade
Start WWI Austra declared war on Serbia in hopes of support of Germany and Hungary
Start WWI Germans and Hungarians needed support from Berlin to attach Serbia
End WWI massive casualties, hunger strikes, disorganization
End WWI Bolshevik government nationalized land and gave it to peasants
End WWI Factory workers put in charge of plants
End WWI Banks and churches seized
End WWI Great Depression, agricultural problems, Germans to pay reparations for all damages to allies
Versailles Treaty Signed in 1919, Germany took responsibility for war, disarm and lose land
Legalism Strong state
Socialism Distribution of wealth are subject to social control, state owns the resources and makes the decisions
Imperialism extending a nations power by some form of power over a foreign power
Capitalism economies where privat ownership of resources and people are largely free to make their own economic decisions
Imperium right to issue commands and enforce by fines, arrests, physical punishment, death
Tariff tax imposed on each improted good
Free Enterprise system competition means competing for customers/markets, business try to produce what they think customers will buy at highest prices possible
Entrepreneurs Create new goods/services, use capital made in one area in another (growth), employ people, produce goods/services people need
Open Trade countries obtain mutual gains by law of comparative advantage
Unethical/Illegal trade Sherman anti-trust act, anti-trust laws, caveat venditor (let seller beware)
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 within the united states borders during the current year
Gross National Product Same as GDP except includes US nationals working abroad
Prehistoric Practiced basic susitence farming, hunted and gathered maintained small food surplus members of small communties follows simple social hierarchies used simple tools relocated frequently
What was the 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 settlement
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 Spirtual and political leader, taught passive resistance, protested teh tax and told indians to refuse to cooperate with the british
Mustafa Kemal Ataturk Took control of local assembly became president of republic of turkey dedicated to moderizing was experienced form WWI seperated government from Islam
Reza Shah Pahlavi Staged a coup d'etat of the persian government encouraged the construction of domestic infrastructure roads, hospitals, and education centers women gained rights
Legalist, 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 of collective ownership and administration of the means of production and distribution of goods, and the creation of an egalitarian society all socialists advocate the area
Lenin Golero plan-firs 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 muliplier 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 services
Imperialism Extending a nations power by some form of power over a foreign power
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 baskets
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 infrastucture projects and production of iron/steel
GL Contin private food production was banned; livestock and farm implements were brought under collective ownership
Created by: lb230629