Economic systems and terms
What is capital?
This term refers to wealth in the form of money that can be invested to create more wealth
What is subsistence agriculture?
This was the norm for European peasants from the Middle Ages through the 17th century, meaning they farmed primarily for survival.
Who were the Medici?
This Italian family was one of the prominent banking families that financed European trade in the 15th and early 16th centuries.
By 1650, more than 8 percent of Europe's population lived in these. It is defined as having 100,000 people or more. What is this term ?
Large cities.
What is a landlord?
In the feudal system, this term originally meant a lord who owned and controlled a certain amount of land.
What is a market economy?
This type of economy is determined by the market, not the government, deciding what and how to produce.
What is the open-field system?
This medieval farming system divided land into open, scattered strips and included common land for grazing.
What was the Great Plague (or Black Death)?
This devastating pandemic in the 14th century killed millions and led to the decline of serfdom in Western Europe by causing a labor shortage.
A 1666 committee in this European capital noted severe problems with violence, a lack of clean water, and rampant pollution. What is this capital ?
Paris
Who are serfs?
Unlike slaves, these agricultural workers had some rights but were legally bound to the land they worked.
What is double-entry bookkeeping?
This 15th-century accounting method, spread from Venice, tracks both what is gained and lost in each transaction.
What is the enclosure movement?
This movement, widespread in England, involved combining strips of land into privately owned, enclosed fields.
Who were the Fuggers?
This central European family rose from peasantry to become immensely powerful through banking, mining, and goldsmithing.
What is urbanization?
This process, driven by landless peasants moving to find work, led to the unprecedented growth of European cities in the 16th and 17th centuries.
The labor shortage after the Great Plague allowed this group to demand higher wages and more freedom. Who were this group of people ?
Peasants
What is a joint-stock company?
This type of 17th-century business venture allowed investors to buy shares, distributing risk and paying dividends from profits.
While serfdom declined in Western Europe, it became official law in which eastern empire in 1649 ?
Russia
What was the Little Ice Age?
This period of cooler global temperatures that began in the 14th century led to shorter growing seasons and famines in Northern Europe.
Where were the highly - polluted businesses, like slaughterhouses, typically set up ?
Outside the city walls.
In 17th-century Amsterdam, this group was at the top of the social scale, above the nobles.Who were this group of people.
The wealthy merchants and new economic elites.
The Dutch East India Company, an example of a joint-stock company, paid investors an astounding annual return of this percentage in its first decade. What is this percentage.
30 percent
what are two negative social effects of the enclosure movement ?
Increased rural poverty and growing population of landless peasants
In 1526, a major peasant revolt in the Holy Roman Empire, influenced by new religious teachings, was crushed by this class. What class is this ?
The nobility (land aristocracy)
The population of this city, Europe's largest in 1600, reached 500,000 people. What is this city ?
London
This economic shift, which saw cash replace the practice of growing or making most of what one used, granted wage earners new flexibility but also made them vulnerable to price fluctuations. What is the term for this economic shift.
Money economy