Chapter 5 Flashcards
What is consumption?
The Utilization of Economic Goods in the satisfaction of wants or needs
What is Exploitation?
the Process of acquiring wealthy by making use of Natural resources
What is Imperialism?
The Building of an Empire where the dominant controls the nation
What is the Sphere of Influence?
A region in which an imperial power claims exclusive investment or trading privileges
What is Protectorate?
A country that has it’s own government, but it’s policies are guided by policies of the imperial power
What is Paternalism?
People need them to help other nations
What is Ethnocentrism?
the Belief of your culture being superior and everyone else should be following the same beliefs
What is Eurocentrism
The belief of the European culture should be superior
What are the 4 characteristics of ESSENTIAL goods?
- A product that society can’t conceive of living without
- High level of dependency has been developed over time
- Its continued supply is equated with a high level of stat interest
- Large conglomerates operate in this field in close relations with the government
What are the 5 characteristics of LUXURY goods
- Price increases many from its origin to it’s final destination
- Many “handoffs” along the route
- Users generally know very little if anything about the product’s origins
- Often illegal activity surrounds its movements
- Great Individual wealth can be obtained
What is the Industrial Revolution?
1750-1850
When work became mechanized and began to occur in factories
What is Mercantalism?
1500-1800
Trade was strictly controlled to benefit the economy of the imperial power
What is Capitalism?
An economic system that advocates free trade, competition, and choice as a means of achieving prosperity
What is the Grand Exchange?
A trading process that expanded to include different countries and products around the world
