Economic Systems Flashcards
In what ways did early explorers change the world?
They increased trade
What was mercantilism and how did it work
It is an economic system that works to increase a nations wealth by government regulation of all the nations commercial interests
What did the increase in early trade routes lead to?
Positive- unification and globalization
Negative- plague and disease
What was the long term impact of Marco Polo’s introduction of gunpowder in Europe?
European domination
In Latin America during the early part of colonialism, the deaths of large numbers of native people led to the use what as another source of labor?
Slavery
What was significant about the Black Death? How was it transmitted? How did people of medieval Europe view it?
It killed 1/2 the population and it came from Asia, the Silk Road, and boats. Europeans viewed it as punishment
Capitalism can be defined as
A type of economy that has a market, private property. Rule of law, and entrepreneurship
What were some of Karl Marc’s beliefs? What did it think would happen in a capitalist country?
Believed communism was better than capitalism and in a capitalist government workers would eventually revolt *class warfare
What would need for resources, overpopulation, opportunity for wealth and technological advancement lead a country to do
Expand and take over other areas
What were some of the effects of the slave trade on Africa
Population loss and people became slaves
Where was the Silk Road and what did it do?
It connected Europe and Asia and helped develop civilizations
What were some positive effects of early trade?
Allowed nations to connect and new ideas and inventions to arise –globalization
How did the Colombian exchange work?
Connected America, Europe and Africa and involved importing and exporting goods
What happened to the native peoples during European exploration?
They lost culture and lives
What were some of the results of late 20th century globalization?
Hunger, war, child labor, and job loss
