Economic Practice and Development - AP European History
- Which industrial sector was first transformed during the Industrial Revolution?
- Textile industry. Cotton production mechanization launched industrial manufacturing transformation.
- What was the 16th-century economic impact of the influx of New World silver to Europe?
- Price Revolution. American silver caused widespread inflation across European economies.
- Which economic system is characterized by private ownership and free markets?
- Capitalism. Private enterprise system driven by profit motive and competition.
- What economic strategy was employed in Western Europe for post-war recovery?
- Reconstruction. Rebuilding infrastructure, industries, and institutions after wartime destruction.
- Identify the doctrine that advocates for a self-sufficient national economy.
- Autarky. Economic isolation policy minimizing imports and foreign economic dependence.
- What term describes the 19th-century shift from agrarian to industrial economies?
- Industrial Revolution. Mechanization and factory systems transformed production and society.
- Which economic theory focuses on government intervention to stabilize the economy?
- Keynesian economics. John Maynard Keynes advocated government spending to combat economic downturns.
- What term is used for land consolidation in 18th-century England?
- Enclosure Movement. Privatized common lands, increasing agricultural efficiency and rural displacement.
- What economic system dominated Europe between the 9th and 15th centuries?
- Feudalism. Land-based hierarchy system with lords, vassals, and agricultural serfs.
- What is the economic term for the restriction of imports through tariffs?
- Protectionism. Shields domestic industries from foreign competition through trade barriers.
- What term describes 17th-century government-backed monopolies for overseas trade?
- Chartered Companies. Royal charters granted exclusive trading rights in specific regions.
- What was the primary economic practice in medieval Europe?
- Feudalism. Land-based hierarchy system with lords, vassals, and agricultural serfs.
- What was the economic doctrine of the Soviet Union during the 20th century?
- Communism. Classless society with collective ownership, as implemented by Soviet Union.
- Name the 18th-century economist known for 'The Wealth of Nations.'
- Adam Smith. Father of modern economics, advocating free markets and division of labor.
- Which 19th-century economist is associated with the theory of comparative advantage?
- David Ricardo. Developed theory that nations should specialize in most efficient production.
- What was the primary economic philosophy during the Age of Exploration?
- Mercantilism. Emphasized national wealth through exports and gold accumulation.
- What economic change occurred due to the Agricultural Revolution?
- Increased production. Improved farming techniques and crops boosted food supply and population.
- What was the primary currency system in Europe before the euro?
- European Currency Unit (ECU). Basket currency preceding the euro, used for European monetary calculations.
- Identify the 20th-century economic agreement that created the European Union.
- Maastricht Treaty. 1992 treaty establishing European Union and common currency framework.
- What was the primary economic system in Eastern Europe before 1989?
- Communism. State-controlled economies dominated until 1989 revolutions brought democratic capitalism.
- Which economic policy involves government ownership of industry?
- Socialism. Collective ownership of production means, contrasting with private capitalism.
- Which 18th-century movement emphasized reason and individualism in economic thought?
- The Enlightenment. Promoted rational thinking and individual economic freedom over traditional authority.
- Identify the economic theory that emphasizes class struggle and revolution.
- Marxism. Karl Marx's theory predicting capitalism's collapse through worker revolution.
- What institution was formed in 1944 to promote international monetary cooperation?
- International Monetary Fund (IMF). Established at Bretton Woods to stabilize global currencies and lending.
- Name the economic theory that advocates for minimal state intervention in markets.
- Laissez-faire. French for 'let do,' promoting free market competition without government regulation.
- What was the economic impact of the Black Death in 14th-century Europe?
- Labor shortages. Massive population decline increased surviving workers' wages and bargaining power.
- Identify the economic plan to rebuild Europe post-World War II.
- Marshall Plan. US aid program providing $13 billion to rebuild war-torn European economies.
- What was the economic system in Eastern Europe post-World War II?
- State socialism. Communist governments controlled all economic production and distribution centrally.
- Identify the system that transferred goods between Europe, Africa, and the Americas.
- Triangular Trade. Connected three continents through slave, sugar, and manufactured goods exchange.
- Which economic crisis began in 1929 and affected the global economy?
- Great Depression. Worldwide economic collapse triggered by Wall Street stock market crash.
- Who is the economist known for the concept of 'invisible hand'?
- Adam Smith. Father of modern economics, advocating free markets and division of labor.