Early Economics
This was considered the first economic system.
What is trading and bartering?
This was a powerful network of guilds that dominated trade in Northern Europe and influencing kings.
What was the Hanseatic League?
This is a legal entity, acts as an artificial person, and separates personal liability from business liability.
What is a corporation?
This is what happens when market demand is greater than market supply.
What is a shortage?
What were the problems with using grain as money?
What was being hard to store in large amount and spoiling over time?
This was the belief that humans are born as blank slates and that all knowledge is gained through experience.
What is the Blank Slate theory?
Laissez-faire capitalism is based on this idea.
What is no government interference?
This is what happens when market demand is greater than market supply.
What is a surplus?
This social class was the lowest during the Middle Ages, often working in agriculture on common land.
Who was the peasants (or serfs)?
John Locke said that the people should take this "action" if the government failed to protect natural rights.
What is reforming or removing the government?
This is a type of company that shares its profits and risks among all its shareholders.
What is a joint-stock company?
This is the point in a graph in which both the supply line and demand line meet - representing both the ideal price to sell at, as well as the ideal amount to produce.
What is the equilibrium?
This is a type of economy controlled by a central authority, usually the government.
What is a command economy?
This term refers to being able to have the freedom to own and use property how you wish.
What are private property right?
This is a "law" that says as price increases, quantity supplied increases.
What is the law of supply?
This is a "law" that says as price increases, quantity demanded decreases.
What is the Law of Demand?
This was land owned and ruled by the kings or nobles and worked on by peasants.
What is common land?
This is a term referring to when people were creating goods in their households to sell for profit (before factories).
What is protoindustrialization?
This was the idea that markets would regulate themselves through the self-interest of individuals.
What is the invisible hand?
This philosopher is often considered the "father of economics" or the "father of capitalism" - highly regarded for the creating the field of modern economics.
Who is Adam Smith?