Supply and Demand
Mercantilism
Congo
East India Company
Economic Systems
100
The state where economic forces are balanced in the absence of external influences and the values of economic variables will not change.
What is equilibrium?
100
The economic doctrine in which government control of foreign trade is of paramount importance for ensuring the prosperity and military security of the state.
What is Mercantilism?
100
The large area in Central Africa which was privately controlled by Leopold II, King of the Belgians.
What is the Congo Free State?
100
The year the East India Company was granted its Royal Charter.
What is 1600?
100
The two primary types of economic systems.
What are capitalism and socialism?
200
1. If demand increases and supply remains unchanged, then it leads to higher equilibrium price and higher quantity. 2. If demand decreases and supply remains unchanged, then it leads to lower equilibrium price and lower quantity. 3. If supply increases and demand remains unchanged, then it leads to lower equilibrium price and higher quantity. 4. If supply decreases and demand remains unchanged, then it leads to higher equilibrium price and lower quantity.
What are the four basic laws of supply and demand?
200
When exports exceed imports. It is a necessary part of mercantilism.
What is a positive balance of trade or a trade surplus.
200
The Congo Free State was a corporation used as Leopold's personal vehicle for wealth. As it's sole shareholder and chairman of the board he used it to gather and trade these three items.
What are ivory, rubber, and minerals?
200
The East India Company traded mainly in cotton, silk, indigo dye, salt, saltpetre, tea, and this illicit item.
What is opium?
200
A revolutionary socialist movement to create a moneyless, and classless, and stateless social order structured upon common ownership of the means of production as social, political, and economic ideology that aims at the establishment of this ideal social order.
What is Communism?
300
Under perfect competition supply is determined by this factor.
What is marginal cost?
300
* Building a network of overseas colonies * Forbidding colonies to trade with other nations * Monopolizing markets with staple ports; * Promote accumulation of gold and silver * Forbidding trade to be carried in foreign ships; * Export subsidies; * Maximizing the use of domestic resources; * Restricting domestic consumption with non-tariff barriers to trade.
What are the policies of mercantilism?
300
Under Leopold II's administration white officials were arrested and punished for this crime during a rubber collecting expidition in 1903.
What is the shooting of 122 Congolese people?
300
The East India Company was dissolved in 1874 as the result of this act of British Parliament.
What is the East India Stock Dividend Redemption Act?
300
Economic system based on private property and private initiative contingent upon service to the state intended to promote superior individuals and put them in control of the weak.
What is Fascism?
400
1. Production costs, how much a good costs to be produced 2. The technology used in production, and/or technological advances 3. The price of related goods 4. Firms' expectations about future prices 5. Number of suppliers
What are the five determinants of supply?
400
A twentieth century economic policy that emphasizes rapid economic growth based on advanced technology.
What is Neomercantillism?
400
Despite the loss of life and atrocities committed this public official upheld the colonial mission as important to European interests.
Who is Winston Churchill?
400
The number of troops in the Companies private army at the time of its dissolution in 1874.
What is 24,000?
400
The system of economic, political, or social organization that involves association of the people of society into corporate groups, such as agricultural, business, ethnic, labor, military, patronage, or scientific affiliations, on the basis of common interests.
What is Corporatism?
500
In economics the this law states that consumers buy more of a good when it's price decreases and less when it's price increases.
What is the Law of Demand?
500
Mercantilism in its simplest form. Emphasizing the circulation of money and rejecting hoarding.
What is bullionism?
500
The percentage of the population in the Congo basin eliminated directly or indirectly by the forced labor system.
What is 20%?
500
The East India Companies smuggling of opium in and out of China approached 1,400 tons a year in 1838 leading to this war between Britain and China.
What is the First Opium War (1839-1842)?
500
The economic system in which transactions between private parties are free from state intervention, including regulations, taxes, tariffs and enforced monopolies.
What is Laissez-faire?
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