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SS2201 - 10.0 & 11.0
Terms for Outcome 10.0 & 11.0
| Term | Definition |
|---|---|
| economics | the study of how to maximize the use of resources to meet needs and wants. |
| needs | items required for survival (food, clothing, shelter) |
| wants | those things you would like to have but not necessary for survival (cell phone, internet, quad) |
| scarcity | the idea that resources are finite (have a limit), |
| trade | the exchange of goods and services to meet needs and wants |
| surplus | extra goods and services that can be traded for other needs and wants |
| imports | goods bought from another group/country |
| exports | goods produced and sold to another group/country |
| silk road | a land based trade route that went from Asia to Europe primarily for luxury goods (ex. silk, spices) |
| money | any item that has value to people that can be used to exchange goods and services |
| manor | a lord's estate that was large enough to contain the resources necessary to be self-sufficient (crops, milk and cheese, fuel, cloth, leather goods, and lumber). |
| guild | an organization of individuals in the same business or occupation working to improve economic and social conditions of its members. |
| commercial revolution | an expansion of craftsmanship (guilds), trade and finance during the late middle ages. |
| bills of exchange | documents that clearly indicated exchange rates between coinage systems. |
| letters of credit | official letters that could be issued in one country and shown in another that allowed a merchant to withdraw cash or pay for items with credit without having to carry cash around. |
| joint stock company | a business venture where people combine their wealth for a common purpose. This distributes the costs and risks of trade and reduces the danger for individual investors. |
| charter | a government document that stated that only one company would have the right to use a trade route or trade in a specific good, letting the company have a monopoly. |
| monopoly | a company that is the only one trading in a particular good or using a particular trade route. |
| mercantilism | an economic policy from 16th-18th centuries under which nations sought to increase their wealth and power by becoming self-sufficient. |
| balance of trade | refers to the value of exports minus the value of imports. A positive balance of trade means the country exports (sells) more than it imports (buys). This was the goal of mercantilism. |
| colonization | overseas territories taken over for the purpose of getting resources and creating markets for the sale of goods. |
| triangular trade | a part of mercantilism where trade was conducted between three regions, in particular Europe, African territories and the Americas (north and south). |
| Columbian exchange | the global transfer of plants, animals, disease, slaves, and food between Europe and Africa and the Americas. |
| tariff | taxes on goods coming in from other countries. |
| laissez-faire | the idea that government should not interfere with or regulate industries and businesses. It is from the French term which means "let do" as in "let business do what it wants." |
| free trade | the flow of commerce in the world market without government regulation (i.e., more trade with fewer tariffs or limits) |
| Adam Smith | was a Scottish economist, who first developed the argument for laissez-faire economics and the forces of supply and demand. |
| capitalism | is an economic system in which the factors of production are owned by private individuals who invest their money to improve efficiency and profit |
| factors of production | factories, businesses, capital, and labor controlled by businessmen or entrepreneurs. |
| industrial revolution | was the process by which production of goods shifted from simple hand tools to complex machinery. (1750-1850) |
| rural | areas with small, spread out populations. |
| urban | areas with large, concentrated populations. |
| second agricultural revolution | new developments in farming, which would have a massive impact on the population and people’s way of life. |
| crop rotation | the system of growing a different crop in each field each year to preserve the fertility of the land. |
| privatization | private ownership of land and the factors of production. |
| enclosure | the process which saw land that had been traditionally used in common by a community were fenced by private owners. |
| manufactured goods | goods made by machines |
| urbanization | the trend for people to move to the cities to live. |
| subsistance | people produced goods for their own need with little being sold (e.g., growing enough food to support your own family). |
| entrepreneur | people who organize, manage, and take on the risks running a business. |
| cottage industry | a system of production before the Industrial Revolution where businesses give families in their individual homes (cottages) the materials for making a product and then pay them for their work when it is made. |
| factory system | a system of production where products are made in large buildings (manufactories shortened to factory) with many workers and machinery. |
| steam engine | a machine that burned coal to create steam that was used to drive factories, boats and trains. |
Created by:
craigcgilbert
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