Terms
Scarcity
Lacking resources, forces you to choose
Mixed economy
MIXES capitalism and socialism together
What is a similarity between Feudal Europe and Feudal Japan
Hierarchy (pyramid)
Peasants on bottom
What is a KEY difference between capitalism and communism?
Capitalism allows people to own private property
Outsourcing
Getting goods/services from another country
Economy
The system that a country or community uses to manager their resources
Command Economy
Production, investments, everything is controlled by the government
In Feudal Japan who was the top of the pyramid (the true person in charge)
In Feudal Europe who was the top of the pyramid?
Shogun
Monarch/King
Who wrote the Wealth of Nations?
Who wrote the Communist Manifesto (both names)
Adam Smith
Karl Marx and Friedrich Engels
Factory System
Large scale mills or factories, new inventions
Standard of Living
Amount of wealth and resources available to an individual in a community
Market Economy
Private and publicly owned businesses
Why was feudalism created in Western Europe?
Rome fell, no protection, no safety, created a power vacuum
Why SHOULD the US outsource?
Cheaper
Lower labor costs
Increases profits
Industrialization
Development of industries in a country on a large scale.
Feudalism
A social and economic system with a rigid social structure and an economic system that benefits the rich
Name TWO countries with a market economy
US, England, Japan
What was the role of the knights in Feudal Europe?
Manage land
Give loyalty and protection
What is a similarity between unfree and repressed countries?
Govt has all control
Command economies
No protection of private property
Cottage System
Creating goods within a persons individual house
Manorialism
The Lord rents out land to peasants
Bonus: What is this parcel of land called?
Name TWO countries with a command economy
Cuba, North Korea, Cuba, Russia, Vietnam
In England, what was the purpose of the Commons?
To allow poor villagers a place to hunt and farm for free
What is the relationship between population growth and world events?
Population increases
What effect did the Enclosure Acts have on English Society?
It prevented poor villagers from farming, and hunting on the Commons. Their food supply became scarce. Forced them to move out of the countryside and to villages.