All flashcards
Flashcard 1: Identify the system that transferred goods between Europe, Africa, and the Americas.
Answer: Triangular Trade. Connected three continents through slave, sugar, and manufactured goods exchange.
Flashcard 2: What term describes 17th-century government-backed monopolies for overseas trade?
Answer: Chartered Companies. Royal charters granted exclusive trading rights in specific regions.
Flashcard 3: Which 19th-century economist is associated with the theory of comparative advantage?
Answer: David Ricardo. Developed theory that nations should specialize in most efficient production.
Flashcard 4: Which industrial sector was first transformed during the Industrial Revolution?
Answer: Textile industry. Cotton production mechanization launched industrial manufacturing transformation.
Flashcard 5: Which economic theory focuses on government intervention to stabilize the economy?
Answer: Keynesian economics. John Maynard Keynes advocated government spending to combat economic downturns.
Flashcard 6: What was the economic system in Eastern Europe post-World War II?
Answer: State socialism. Communist governments controlled all economic production and distribution centrally.
Flashcard 7: What economic system dominated Europe between the 9th and 15th centuries?
Answer: Feudalism. Land-based hierarchy system with lords, vassals, and agricultural serfs.
Flashcard 8: What was the primary currency system in Europe before the euro?
Answer: European Currency Unit (ECU). Basket currency preceding the euro, used for European monetary calculations.
Flashcard 9: What was the primary economic philosophy during the Age of Exploration?
Answer: Mercantilism. Emphasized national wealth through exports and gold accumulation.
Flashcard 10: Which 18th-century movement emphasized reason and individualism in economic thought?
Answer: The Enlightenment. Promoted rational thinking and individual economic freedom over traditional authority.
Flashcard 11: What term describes the 19th-century shift from agrarian to industrial economies?
Answer: Industrial Revolution. Mechanization and factory systems transformed production and society.
Flashcard 12: Name the economic theory that advocates for minimal state intervention in markets.
Answer: Laissez-faire. French for 'let do,' promoting free market competition without government regulation.
Flashcard 13: What institution was formed in 1944 to promote international monetary cooperation?
Answer: International Monetary Fund (IMF). Established at Bretton Woods to stabilize global currencies and lending.
Flashcard 14: Identify the economic plan to rebuild Europe post-World War II.
Answer: Marshall Plan. US aid program providing $13 billion to rebuild war-torn European economies.
Flashcard 15: Which economic policy involves government ownership of industry?
Answer: Socialism. Collective ownership of production means, contrasting with private capitalism.
Flashcard 16: Identify the 20th-century economic agreement that created the European Union.
Answer: Maastricht Treaty. 1992 treaty establishing European Union and common currency framework.
Flashcard 17: What is the economic term for the restriction of imports through tariffs?
Answer: Protectionism. Shields domestic industries from foreign competition through trade barriers.
Flashcard 18: Name the 18th-century economist known for 'The Wealth of Nations.'
Answer: Adam Smith. Father of modern economics, advocating free markets and division of labor.
Flashcard 19: What was the primary currency system in Europe before the euro?
Answer: European Currency Unit (ECU). Basket currency preceding the euro, used for European monetary calculations.
Flashcard 20: Identify the economic theory that emphasizes class struggle and revolution.
Answer: Marxism. Karl Marx's theory predicting capitalism's collapse through worker revolution.
Flashcard 21: Identify the doctrine that advocates for a self-sufficient national economy.
Answer: Autarky. Economic isolation policy minimizing imports and foreign economic dependence.
Flashcard 22: What was the primary economic system in Eastern Europe before 1989?
Answer: Communism. State-controlled economies dominated until 1989 revolutions brought democratic capitalism.
Flashcard 23: What economic change occurred due to the Agricultural Revolution?
Answer: Increased production. Improved farming techniques and crops boosted food supply and population.
Flashcard 24: What was the 16th-century economic impact of the influx of New World silver to Europe?
Answer: Price Revolution. American silver caused widespread inflation across European economies.
Flashcard 25: Who is the economist known for the concept of 'invisible hand'?
Answer: Adam Smith. Father of modern economics, advocating free markets and division of labor.
Flashcard 26: What term is used for land consolidation in 18th-century England?
Answer: Enclosure Movement. Privatized common lands, increasing agricultural efficiency and rural displacement.
Flashcard 27: Which economic system is characterized by private ownership and free markets?
Answer: Capitalism. Private enterprise system driven by profit motive and competition.
Flashcard 28: What was the economic doctrine of the Soviet Union during the 20th century?
Answer: Communism. Classless society with collective ownership, as implemented by Soviet Union.
Flashcard 29: What was the primary economic practice in medieval Europe?
Answer: Feudalism. Land-based hierarchy system with lords, vassals, and agricultural serfs.
Flashcard 30: Which economic crisis began in 1929 and affected the global economy?
Answer: Great Depression. Worldwide economic collapse triggered by Wall Street stock market crash.