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Western Civilization and Economics - WGU

Greek Contributions Realistic Sculpture, advances in math/science/geometry, large monarchial state, libraries
Feudalism Landowners granted land to vassals in exchange 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, wove baskets,
Neolithic permanent buildings, architecture, farming, pottery, writing, domesticated plants/animals, hierarchy
Olmecs Played ball
Mayas Zeros, Association with God, Skilled farmers, potter, astronomy, hieroglyphics
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
Chinese contributions military went to war in chariots, 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, handpicked by President, also Finance Minister
Mustafa Kemal Ataturk founder of Turkish Republic, 1st president, led nation to full independence, ended Ottoman dynasty, reforms (political, social, legal, economic, cultural), peacemaker
Reza Shah Pahlavi 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 Prime Minister, wrote 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 Russia disagreed with Austria's war on Serbia
Start WWI Germans and Hungarians needed support from Berlin to attack 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 private 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),
Created by: MissMarki
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