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