Feudalism
In the feudal system, these individuals worked the land for a small return.
Who are serfs (peasants)?
Mercantilism thrived between the 16th and 18th centuries and emphasized this type of trade.
What is international trade?
This act displaced villagers by fencing off land, pushing many into industrial cities.
What is the Land Enclosure Act?
(Daily Double!) = 200 pts!
The Industrial Revolution provided new opportunities for capital by shifting this.
What are production and trade?
This type of commerce refers to B-2-B transactions.
What is business-to-business commerce?
This upper class system dominated between the 9th and 16th centuries.
What is the Monarchy?
In mercantilism, countries exported goods in exchange for this.
What is gold?
(Daily Double!) = 400 pts!
The Industrial Revolution started in this century.
What is the 18th Century?
This type of statement in economics can be proven true or false, like "If consumer income drops, spending decreases."
What is a positive statement?
These rights provide legal ownership and control over assets like buildings and machinery.
What are property rights?
Land given out by Kings in the feudal system was called this.
What are fiefs?
These individuals were in control during the mercantilism era.
Who are the Monarchs and Aristocrats?
One major factor that boosted the Industrial Revolution in Europe was its abundance of this resource.
What is coal?
Capitalism began to dominate after the decline of this medieval economic system.
What is feudalism?
(Daily Double!) = 600 pts!
This is one type of intangible asset protected under property rights.
What are copyrights, ideas, trademarks, IPs
In feudalism, this group leased land from the king and was often composed of knights or lords.
Who are Vassals?
(Daily Double!) = 800 pts!
One downside of mercantilism was the suffering of these entities due to international trade.
Who were the colonies?
The Industrial Revolution led to the rise of many industrial cities to form in areas with concentrated labor forces.
What is Urbanization?
Unlike a positive statement, this type of economic statement includes judgments or opinions.
What is a normative statement?
This economic term describes the exchange of goods and services between buyers and sellers.
What is commerce?
Everyone under the feudal system was required to do this for the King.
What are, pay taxes?
Mercantilism often involved restrictions such as tariffs, leading to these penalties for unfair trade practices.
What are anti-dumping penalties?
This geographic advantage of Europe played a crucial role in facilitating global trade during the Industrial Revolution.
What is Europe's location on the Atlantic?
Capitalism relies on these three core principles.
What are wage labor, private ownership, and production for exchange and profit?
The Enclosure Movement in the U.K. was an early form of this, aimed at improving agricultural efficiency.
What is legal protection of property?
(Daily Double!) = 1000 pts!