Study sets matching "history of economics"

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Study sets matching "history of economics"

37 terms
economics assesment
demand
law of demand
3 factors that influence demand
substitution effect
the willingness and ability to buy or consume something
as price goes up, quantity demanded goes down.
sustitution effect, real income effect, diminishing marginal…
as the price of one good or service goes up, quantity demande…
demand
the willingness and ability to buy or consume something
law of demand
as price goes up, quantity demanded goes down.
Economic history
Prince Henry the Navigator
Vasco da Gama
Christopher Columbus
Ferdinand Magellan
a portuguese prince who set up a school for cartographers, sh…
He led 4 ships around the Cape of Good Hope. After 10 months,…
1492 - discovered America. Sailed under the Spanish flag and…
(1480?-1521) Portuguese navigator. While trying to find a wes…
Prince Henry the Navigator
a portuguese prince who set up a school for cartographers, sh…
Vasco da Gama
He led 4 ships around the Cape of Good Hope. After 10 months,…
15 terms
History and Economics
caste
How do rivers help connect ancient civ…
How do monsoons affect Asian countries?
How did early civilizations water thei…
India's social class system
Allowed them to travel and trade with one another
cause a food shortage, can store the water to irrigate crops.
They build irrigation systems to bring water to their crops.
caste
India's social class system
How do rivers help connect ancient civ…
Allowed them to travel and trade with one another
HISTORY OF ECONOMICS
Oikonomia
Macroeconomics
Microeconomics
Social Science
Greek word for economics.
Global economy.
Households and individuals.
How society behaves to acquire wants and needs.
Oikonomia
Greek word for economics.
Macroeconomics
Global economy.
21 terms
Economics History
commodities
corporation
stock/shares
virtual personhood
raw materials that can be sold and traded and has a standard…
An independent legal body owned by shareholders
A purchasable piece of a corporation or company
A corporation, as far as the law is concerned, is treated as…
commodities
raw materials that can be sold and traded and has a standard…
corporation
An independent legal body owned by shareholders
history: Economics
choice
competition
consumer sovereigny
consumption
selecting an item or action from a set of alternatives
rivalry between producers/sellers of a good or service
through their purchases, consumers determined what goods and…
using goods and services
choice
selecting an item or action from a set of alternatives
competition
rivalry between producers/sellers of a good or service
15 terms
economics the history of
the national banking acs of 1863 and 1…
which of the following was the nation'…
after the civil war, the national bank…
what happens during a bank run?
seize the assets of an individual
federal reserve system
insured banks against failure
customers attempt to withdraw more money than the bank has on…
the national banking acs of 1863 and 1…
seize the assets of an individual
which of the following was the nation'…
federal reserve system
history- economics
feudalism/ manorialism
capitalism
factors of production
laissez-faire
loosely organized system of government in which local lords g…
economic system in which the mean of production are privately…
land labor capital and entrepreneurship
policy allowing business to operate with little or no governm…
feudalism/ manorialism
loosely organized system of government in which local lords g…
capitalism
economic system in which the mean of production are privately…
10 terms
History- economic
Political
Economic
Social
Democracy
Having to do with governing and governing institutions
Having to do with how decisions about production, distributio…
Having to do with people, class relationships and how societi…
A democratic form of government based on elected representati…
Political
Having to do with governing and governing institutions
Economic
Having to do with how decisions about production, distributio…
15 terms
Economic History
Wage Slavery
Gilded Age
Pullman and Homestead Strike
Laissez Faire Capitalism
Wage slavery refers to a situation where a person's livelihoo…
The term coined by Mark Twain to describe the time of the lat…
The Pullman Strike was a railroad strike in 1894, in which ne…
The economic system in which the central government is comple…
Wage Slavery
Wage slavery refers to a situation where a person's livelihoo…
Gilded Age
The term coined by Mark Twain to describe the time of the lat…
Economic History
The American System
Tariff Issues
Cottage Industry
Factory System
*Conceived by Henry Clay... *This "System" consisted of three mu…
*Tariff of 1816... -Protectionist tariffs to take care of series…
*Business or manufacturing carried on in a person's home
*Accompanied industrial revolution... *Interchangeable Parts... -El…
The American System
*Conceived by Henry Clay... *This "System" consisted of three mu…
Tariff Issues
*Tariff of 1816... -Protectionist tariffs to take care of series…
History of economics
Thomas Hobbes
John Locke
Voltaire
Baron de Montesquieu
An english philosopher
Another english philosopher
A french enlightment writer
A french lawyer
Thomas Hobbes
An english philosopher
John Locke
Another english philosopher
History & Economics
B.C.
A.D.
What has be had to be considered a sta…
What does production consist of?
Before Christ
Anno domino (in the year of our lord)
1)population... 2)territory w boundaries ... 3)government... 4)soverie…
1) land (natural resources)... 2) labor (human,animal, mental, m…
B.C.
Before Christ
A.D.
Anno domino (in the year of our lord)
20 terms
Ancient history Economics
economics
resources
labor
capital
Study of how societies decide what to produce, how to produce…
anything that is used to produce goods or services
Human effort directed toward producing goods and services
An economic system based on private property and free enterpr…
economics
Study of how societies decide what to produce, how to produce…
resources
anything that is used to produce goods or services
History Economics
Debit card
Credit card
Most provide "?" which means you aren'…
many credit cards offer a?
pay now
shop now pay later
Zero liability
rewards program
Debit card
pay now
Credit card
shop now pay later
30 terms
History Economics
economics
scarcity
goods
services
the study of how people satisfy their needs and wants by allo…
resources, goods, services are limited
tangible items made to meet popular demand of consumers
activities provide by other people (farmers, doctors, writers…
economics
the study of how people satisfy their needs and wants by allo…
scarcity
resources, goods, services are limited
8 terms
History Economics
Tribute
Distribution
Feudal/feudalism
Serf
payment made occasionally by one state or ruler to another; T…
transportation: the way goods or a material are shared or sha…
a social system in Europe that happened in the Middle Ages- L…
an agricultural laborer bound under the feudal system to work…
Tribute
payment made occasionally by one state or ruler to another; T…
Distribution
transportation: the way goods or a material are shared or sha…
8 terms
History economics
Marketing economy
Capital
Federal system
Representative government
Each person or individual makes choices about what to make bu…
Money and goods used to help people make or do things
The division of power between central and state government
Government in which citizens elect officials who govern
Marketing economy
Each person or individual makes choices about what to make bu…
Capital
Money and goods used to help people make or do things
11 terms
History economic
John Kay
Eli Whitney
Jame Hargreaves
James Watt
Flying shuttle
Cotton gin
Spinning Jenny
Steam Engine
John Kay
Flying shuttle
Eli Whitney
Cotton gin
history; economic
What brought the United States out of…
What was the Marshall Plan and why wer…
What were the economic consequences of…
Why did the Soviet Union emerge as a s…
World War 2 and war created jobs
U.s plan to rebuild Europe, fear of another depression, preve…
Became #1 superpower
They have nuclear weapons
What brought the United States out of…
World War 2 and war created jobs
What was the Marshall Plan and why wer…
U.s plan to rebuild Europe, fear of another depression, preve…
8 terms
Economics History
Feudalism/Manorialism
Capitalism
Factors of Production
Laissez-faire
-feudalism was a loosely organized system of rule in which po…
-investment of money... -
...
allowing businesses to operate with little or no gov. interfe…
Feudalism/Manorialism
-feudalism was a loosely organized system of rule in which po…
Capitalism
-investment of money... -
18 terms
Economic History
Wage Slavery
Gilded Age
Pullman and Homestead Strike
Laissez Faire Capitalism
This was when the employed is made to do whatever the employe…
The term coined by Mark Twain to describe the time of the lat…
This was a railroad strike in 1894 against the Pullman Railro…
The economic system in which the central government is comple…
Wage Slavery
This was when the employed is made to do whatever the employe…
Gilded Age
The term coined by Mark Twain to describe the time of the lat…
29 terms
history economics
scarcity
opportunity cost
demand
supply
having a limited quantity of resources to meet unlimited want…
cost of what you have to give up
desire for a certain good or service
amount of goods or services that are available for use
scarcity
having a limited quantity of resources to meet unlimited want…
opportunity cost
cost of what you have to give up
history (economics)
capitalism
central planning
law of demand
law of supply
an economic model based on private ownership an decisions abo…
an economic model that calls for government ownership and con…
states that the price of a product rises as demand for the pr…
states that the price of the product falls as the supply of i…
capitalism
an economic model based on private ownership an decisions abo…
central planning
an economic model that calls for government ownership and con…
21 terms
History economics
Macroeconomics and microeconomics
Macroeconomics
Microeconomics
Scarcity
Economics divided into two main areas
Study of the economy at the world, regional, state, and local…
Deals with specific issues related to the decision-making pro…
Refers to the reality that there are limited resources despit…
Macroeconomics and microeconomics
Economics divided into two main areas
Macroeconomics
Study of the economy at the world, regional, state, and local…
38 terms
History Economics
Capital Resources
Economics
Entrepreneur
Human Resources
special goods such as equipment manchines and buildings
Study of how people choose to use scarce resources natural hu…
People who organize the resources to start a business
People who work to produces goods and services
Capital Resources
special goods such as equipment manchines and buildings
Economics
Study of how people choose to use scarce resources natural hu…
World History Vocabulary- Economics
Command Economy
Market Economy
Gross Domestic Products
Inflation
System in which all economic decisions are made by government
System in which economic decisions are made by private busine…
Total of all goods and services produced by country
Rapid rise in prices due to devaluation of money
Command Economy
System in which all economic decisions are made by government
Market Economy
System in which economic decisions are made by private busine…
33 terms
History: Economics
Economics
Economic System
Barter
Capitalism
Knowledge concerned with production, consumption and transfer…
System of production and transfer of goods
The trade of goods
Country's trade is controlled by the person owning the item,…
Economics
Knowledge concerned with production, consumption and transfer…
Economic System
System of production and transfer of goods
History/Colonial Economic Life
autobiography
slave trade
indentured servant
export
An account of a person's life written by that person
European trade agreement with Africa dealing with slaves brou…
person who agreed to work for a colonial employer for a speci…
A good or service produced in the home country and sold in an…
autobiography
An account of a person's life written by that person
slave trade
European trade agreement with Africa dealing with slaves brou…
Economic History
Mercantilist Era
19th century
20th century
The Great Divergence
1500-1800
Creation of national unified markets, elimination of tariffs…
Latecomers left behind, expansion of gap between west and res…
1500-1800 - small advantage for eu in gdp... 1820- EU doible gdp…
Mercantilist Era
1500-1800
19th century
Creation of national unified markets, elimination of tariffs…
History Economics
economics
Economic System
Barter
Capitalism
The Study of how people use resources to produce and distribu…
The institutional framework that a society uses to allocate i…
The direct trading of goods and services; the trading of good…
Economic system based on private ownerships and on investment…
economics
The Study of how people use resources to produce and distribu…
Economic System
The institutional framework that a society uses to allocate i…
History economic
Bilateral aid
Capitalism
Command economy
Communism
Money and resources provided directly from one gov to another
Economic system based on private ownership and the investment…
Economic system in which the government makes al economic dec…
Economic system in which all means of production are owned by…
Bilateral aid
Money and resources provided directly from one gov to another
Capitalism
Economic system based on private ownership and the investment…
17 terms
history economics
economics
good
service
resource
The science of production, distribution, and consumption of g…
A product that can be used to satisfy some desire or need. Pr…
Any action that one person or group does for another in excha…
Anything used to produce a good or service.
economics
The science of production, distribution, and consumption of g…
good
A product that can be used to satisfy some desire or need. Pr…
39 terms
Economic History
Free-rider problem
Transactions costs
Transformation costs
Malthusian population doctrine
a situation where some individuals in a population either con…
a cost incurred in making an economic exchange (restated: the…
tackles not just immediate issues but considers the organisat…
That population increases more than the means of increasing s…
Free-rider problem
a situation where some individuals in a population either con…
Transactions costs
a cost incurred in making an economic exchange (restated: the…
History Economics
Economy
Economics
Economist
Microeconomics
A system for allocating recources to meet peoples needs and w…
The study of economy
A person who studies economy
Studies how individuals and businesses make decisions within…
Economy
A system for allocating recources to meet peoples needs and w…
Economics
The study of economy
History economics
Lots of stuff
Little Bit of Stuff
Supply
Capitalism
Nobody wants it
Everybody wants it
How much there is
Buy stuff sell it to you for more money
Lots of stuff
Nobody wants it
Little Bit of Stuff
Everybody wants it
18 terms
History economics
economics
microeconomics
macroeconomics
Adam Smith
social science that tries to gain an understanding of the pro…
examines the behavior of the basic elements in the entire eco…
analyzes the entire economy and the issues affecting it - ie.…
"The father of Capitalism" - Scottish moral philosopher and a…
economics
social science that tries to gain an understanding of the pro…
microeconomics
examines the behavior of the basic elements in the entire eco…
18 terms
Economics History
An economic system in which investment…
-Supply and Demand
-Fueled by competition
-The US is not completely capitalism i…
Capitalism
Capitalism
Capitalism
Capitalism
An economic system in which investment…
Capitalism
-Supply and Demand
Capitalism
History economics.
Free enterprise
Laissez faire
Capitalism
Market economy
Privately not government controlled
Government should not be regulating corporations
Also called enterprise were individuals own most businesses.…
If someone wants to buy it, they make it. Kind of like supply…
Free enterprise
Privately not government controlled
Laissez faire
Government should not be regulating corporations
history economics
History
market
command
traditional
is the most accurate perception of past events through multip…
individuals and businesses make most of the major decisions a…
a central authority makes most of the major decisions about t…
economic activity is centered toward the a family, tribe, or…
History
is the most accurate perception of past events through multip…
market
individuals and businesses make most of the major decisions a…
20 terms
Economics (history)
Adam smith sought to discover the caus…
Adam smith never...
Before economics was a known topic it…
Physiocrats argued wealth came from
Humans
Taught or took an economics class
Philosophy
Production of goods
Adam smith sought to discover the caus…
Humans
Adam smith never...
Taught or took an economics class
15 terms
History - Economics
Economy
Consumer
Produce
Market
the way goods and services are produced and consumed
someone who acquires goods and services for his or her person…
someone who makes goods or offers services to others
- selling and buying takes place... - not a physical state... - ent…
Economy
the way goods and services are produced and consumed
Consumer
someone who acquires goods and services for his or her person…
Economic History
The Great Depression (1930-1939)
Second World War (1939-1945)
Post-War Transition (1946-1949)
Boom Years (1950-1972)
depression (trough 1931)
expansion
expansion
expansion... short recession (1958)
The Great Depression (1930-1939)
depression (trough 1931)
Second World War (1939-1945)
expansion
63 terms
economic history
Gavin Wright
slaves are 3 billion... Cost of civil was…
Eugene Genovese
Simpsons Paradox
argued that investment only in capital (slaves) and not in la…
railroads are 1 billion
restricted market demand for manufactured goods ... slaves don't…
People moving towards west with higher yields raise average o…
Gavin Wright
argued that investment only in capital (slaves) and not in la…
slaves are 3 billion... Cost of civil was…
railroads are 1 billion
15 terms
history economics
Economics
Scarcity
Opportunity cost
Demand
Is the study of how people meet their wants and needs
Having a limited quantity of resources to meet unlimited wants
The cost of what you have to give up
The desire for a certain good or service
Economics
Is the study of how people meet their wants and needs
Scarcity
Having a limited quantity of resources to meet unlimited wants
8 terms
History- Economics
Economics
Incentive
Opportunity Cost
Cost
the study of choice
the reason to make a choice
The direct opposite choice
what you give up
Economics
the study of choice
Incentive
the reason to make a choice
history economics
capatalism
capital
private ownership
means of production
when a country's trade is controlled by private owners (To ma…
wealth in the form of money or a valuable product, that is ow…
being owned by something private (individual or organization)…
how you make stuff. requirements;`raw materials, land, buildi…
capatalism
when a country's trade is controlled by private owners (To ma…
capital
wealth in the form of money or a valuable product, that is ow…
22 terms
History Economics
Law of Demand
Supply
Law of Supply
Opportunity cost
Consumers buy more of an item if the price decreases
The amount of goods available
The higher the price, the larger the quantity produced
The next best decision
Law of Demand
Consumers buy more of an item if the price decreases
Supply
The amount of goods available
25 terms
history economics
Commodoties
Corporation
Stock/Shares
Virtual Personhood
Physical thing that can be standardized with a minimum quality
Incorporated by the gov't, makes them last longer and their s…
Partial ownership in a company/corporation
Corporations are treated as people in supreme court.
Commodoties
Physical thing that can be standardized with a minimum quality
Corporation
Incorporated by the gov't, makes them last longer and their s…
41 terms
Economic history
The Politics
De Officiis
Summa Theologica
England's Treasure by Foreign Trade
Aristotle ... oeconomia: the housekeeping, natural, good... chremat…
Marcus Tullius Cicero
Thomas Aquinas ... You should not sell things for more than they…
Thomas Mun ... export more than you import
The Politics
Aristotle ... oeconomia: the housekeeping, natural, good... chremat…
De Officiis
Marcus Tullius Cicero
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