Early Economic Practices
This was the first economic system
Trading and Bartering
When did Command Economies start to become popular
The Middle Ages
This was the belief that people’s minds start as blank pages, and no one is superior by birth.
Blank Slate
This allowed multiple investors to pool money together for larger ventures
Joint Stock Companies
an increase in the amount of goods and services produced per head of the population over a period of time.
Economic Growth
Who was considered at the top of the Feudal System?
Kings
What groups did local governments create that was made up of craftsmen and merchants
Craft Guilds
John Locke believed these types of rights that all humans are equal at birth —specifically life, liberty, and property.
Natural Rights
This was founded in 1694 and boosted economic stability and activity.
The Bank of England
the loss of potential gain from other alternatives when one alternative is chosen.
Opportunity Cost
What was the name of the social hierarchy class system in the Middle Ages?
The Feudal System
What was created to make it difficult to buy goods outside of the kingdom?
Tariffs
What led to allowing individuals to own land and profit from it rather than serving a noble or royal landlord.
Private Property Rights
Investors could buy those which was partial ownership in the company.
Shares
Standard of Living
This revolution led to economies
Neolithic Revolution
What caused monarchs to focus on driving all sources of income to their own kingdom
Mercantilism
In England, what was the name of the type of farming that had land fenced off?
Enclosed Farming
This encouraged people to start businesses and fund ventures using these financial tools.
Incentivization
an economic concept that describes when there are not enough resources to meet people's needs and wants
Scarcity
Which empire was the first to issues gold minted coins?
Persia
What was the most famous example of guild networks?
Hanseatic League
By the mid-1700s, this shift helped establish a commercial economy, laying the foundation for this revolution
Industrial Revolution
This was one of the largest companies from 1600-1874
The British East India Company
the idea that the consumption of goods and services is the primary driver of economic growth
Consumerism