Very Vital Vocabulary
The total amount of goods and services produced by a country in a given year. Rome's was about $32 billion during the peak of its empire.
What is GDP?
A tax on the market value of all an individual's assets minus liabilities.
What is a wealth tax?
We learned about a major financial crisis in Rome that took place in this year.
What is 33 AD?
While Rome had advanced economic systems, it was still largely limited based on its status as this kind of society.
What is agrarian/farming?
This was the score of the Sixers/Celtics game 4 yesterday.
What is 116 - 115?
Much like McDonalds or Burger King, Rome's method of providing protection and support to smaller entities within the empire was known as this.
What is the franchise model?
A tax levied by the government on the amount of money you make in a given year.
What is income tax?
This emperor was in charge during the Financial Crisis.
Who is Tiberius?
This type of tax collection, used heavily in Rome during the empire, relied on the cooperation of elites and muscle of mercenaries.
What is privatized tax collection?
DON'T TOUCH MY ECONOMY WITHOUT CONSENT. THIS PARS CORPORIS IS A METAPHOR FOR THE UNSEEN FORCES THAT MOVE THE FREE MARKET.
WHAT IS INVISIBLE HAND?
When the customers of a bank or financial institution withdraw their deposits at the same time over fears about the bank's solvency.
What is a bank run?
Known as an ad valorem tax, this type of tax would be mostly concerned with your real estate.
What is a property tax?
The Financial Crisis was caused in large part due to the plummeting of these.
What are land prices?
In the early 40s BCE this man passed the law that demanded investment in Italian lands (responses to this law led to the crisis).
Who is Caesar?
The third letter of the Greek alphabet (Bruce Banner and Thanos' favorite Greek letter)
What is gamma?
Aristotle described slavery using this adjective, which means the equivalent of "necessary evil"
What is expedient?
A tax on the profits realized on the sale of a non-inventory asset, like stocks.
What is a capital gains tax?
During the Crisis, the emperor had to get this group in line with an old law that demanded investment in Italian agriculture. (This group as a whole was breaking the law and did not have enough money invested)
Who are the senators?
When a central bank attempts to increase money supply and drive more lending to consumers and businesses.
What is quantitative easing?
According to US News, this city is home to the best school outside of the United States for those looking to pursue a degree in economics.
What is London? (London School of Economics and Political Science)
In this type of system, there is always a risk that withdrawals may exceed available reserves.
What is fractional reserve banking?
A tax that is levied upon goods and services before they reach the customer who ultimately pays the tax as part of the market price of the good or service purchased.
What is indirect tax/sales tax?
The emperor during the crisis pumped this much money into specially chartered banks in order to provide interest free loans to debtors.
What is 100 million sestertii?
In Aristotle's story about Thales of Miletus and "the man in Sicily", Thales and the man were able to secure monopolies on these two products.
What are olive presses and iron/iron mines?
During the Middle Ages, the hides of these animals were used as currency in modern-day Russia and Finland.
What are squirrels?