Economics

Question 1

What is economics

Answer 1

Study of how humans satisfy their needs and wants by solving the problem of scarcity

Question 2

What questions does economics attempt to answer?

Answer 2

1) What to produce
2) How to produce
3) For whom to produce

Question 3

What did Vikings do?

Answer 3

AD 1000- Explored Newfoundland (CANADA)

-Established the colony “Vineland” which was soon abandoned

Question 4

What happened during Scientific Revolution?

Answer 4

1400-1700s

Technological advances were made necessary for seafaring

Question 5

Prince Henry the Navigator

Answer 5

Led the search to find the first all-water route to Asia

Question 6

Bartholomew Dias

Answer 6

1488

Discovered Cape of Good Hope in Southern Africa

Question 7

Vasco de Gama

Answer 7

1497

Sailed to India

Question 8

Columbus

Answer 8

1492

Accidentally landed in the Carribean

(Hispaniola, PR, Virgin Islands, Jamaica, Trinidad)

Question 9

Ferdinand Magellan

Answer 9

September 20, 1519

First to circumnavigate the globe

Question 10

Push factors of migration

Answer 10

• Religious persecution
• Poverty
• Commerical opportunities

Question 11

Pull factors of migration

Answer 11

• Religious freedom
• Economic gain
• Adventure

Question 12

What did the colonists expect

Answer 12

None of the colonists anticipated founding a new nation

They viewed themselves as entities of the British crown

Question 13

U.S Water Systems vs the world

Answer 13

U.S has more internal navigable waterways than the rest of the world combined

Question 14

Benefits of Natural coastal harbors

Answer 14

Excellent for docking ships

Question 15

Atlantic coast

Answer 15

more major ports than the rest of the western hemisphere combined

Question 16

Geographic Barriers

Answer 16

• Atlantic and Pacific oceans
• Appalachian Mountains
• Rocky Mountains
• Mojave Desert

Question 17

Importance of natural harbors?

Answer 17

Support maritime industry, intercontinental and transatlantic trade