Vocabulary
This is an area intended for the production, distribution, exchange, and consumption of goods and services by different agents.
Economy
when humans stopped hunting and started farming
Neolithic Revolution
Societies began to move away from pure, direct bartering—such as trading meat directly for fur—and began using universally accepted items of value to facilitate trade called what?
Currency or money
This is a trust-based payment not made at the time of purchase, but rather, payment at a later time or series of installments.
Credit
Exchanging goods or services without using money
Trading and bartering
Two men met in town for an exchange. One man gave a pair of shoes for a pair of pants and a t-shirt. What type of transaction transpired?
Barter
In most neolithic areas, early labor or goods were usually paid for in...
grain or grain products
Metal money made and guaranteed by a government
State-minted gold coins
This is a place, generally administered by the state, in which metal coins are imprinted for use or storage.
Mint
An economic plan where peasants worked on a lord's estate
Manorial System
Regarding economics, this is the subjective worth or importance placed on a good or service.
Value
Egyptian records stated that the pyramids were largely paid for in what trade good?
Beer
Which national region of Europe popularized and spread modern banks?
Italy
This is a written, dated, and signed instrument which directs a bank to pay a specific sum of money to the recipient.
Check
What two types of land owners controlled large estates, called manors, offering protection to those under them? (Double points for both correct answers)
Kings and Lords
A new iPhone is an example of a (1)____________, whereas water is an example of a (2)____________.
(Double points if you get them both)
(1) want
(2) need
What was a major problem that grain trade had?
(There are two responses, if you get them both, double points)
Grain could spoil over time
Storing large amounts was difficult
What is the all natural resources used to produce goods and services.
Land
This is a measure of the usefulness of a good or service.
Utility
Land that everyone in the community could use for farming, paying "rent" through labor and grain, was called what?
Common land
This is a piece of paper that represents stored or deposited legal tender and redeemable on demand for said tender.
Banknote
The process of adapting wild plants and animals for human use
Domestication
What is the the human effort and work used in production.
Labor
The basic economic problem of having unlimited human wants in a world of limited resources.
Scarcity
Man-made resources like tools, machinery, and buildings used to create other goods. What is this called?
Capital