Economy and Society

Question 1

market economy

Answer 1

trade and price setting were subjected to a free exchange of good and the law of supply and demand

Question 2

redistribution economy

Answer 2

trade and price setting were subjected to the state’s (temple/palace) dictations

Question 3

The Dynasty of Ur

Answer 3

c. 2100-2000 BC; state dominated the entire economy, including the temples’

Question 4

Parthian period

Answer 4

around the beginning of the Christian Era; market became steadily more important

Question 5

Egibi family

Answer 5

private entrepreneurs in Babylon, 6th century

Question 6

standard means of payment

Answer 6

silver (cattle, grain, gold)

Question 7

forms of exchange of goods

Answer 7

giving and receiving gifts VS buying and selling

Question 8

coined money

Answer 8

introduced by Alexander the Great

Question 9

stratified society

Answer 9

distinction was made between different groups of people on the basis of birth, wealth and status

Question 10

independent labour

Answer 10

free workers who strive for self sufficiency; found in all societies

Question 11

chattel slaves

Answer 11

could be sold freely on the market and where on the private possession of the individuals; performed service labour

Question 12

debt bondsmen

Answer 12

people who served creditors to repay debts or other obligations

Question 13

serfs

Answer 13

other forms of dependent labour who belonged to the land