Bartering & Early Trade
What was one major problem with bartering?
What is Value was hard to measure
Which empire popularized state-minted coins?
What is Persia
What class were most people during the Middle Ages?
What is Peasants
What type of economy was common in the Middle Ages?
What is command economy
What belief was mercantilism based on?
what is Fixed wealth (limited wealth in world)
During the Neolithic Revolution, what became the main trade item?
What is grain
Who invented coins?
What is Lydians & Greeks
What system organized society after Rome fell?
What is the manorial system
Who controlled industries in cities?
What is craft guilds
What did monarchs use to discourage imports?
What is high tariffs
What food product was used to pay workers in Egypt?
What is beer
What advantage did coins have over jewelry as payment?
What is Easier to pay soldiers/workers
What land did peasants farm on?
What is common land owned by lords/kings
What did guilds regulate?
What is prices, wages, quality and production
What did mercantilism restrict?
What is Free trade/commerce
Why did grain have limitations as currency?
What is It could spoil and was hard to store.
What new financial tools emerged later?
Checks, credit, paper money
What did peasants pay as rent?
What is labor and grain
Where were guilds strongest?
What is Northern European port cities
What did kings use wealth for?
What is Wars, colonies, luxuries
What came after grain as a trade standard?
What is money/coins
Who mostly used financial tools like credit?
What is Merchants, nobility, royalty
Why was peasant productivity low?
What is Lords took surplus, no incentive to produce more
What powerful guild network emerged?
What is The Hanseatic League
What was the economic result of mercantilism?
What is high prices, low growth