History 10 Flashcards
Capital
Wealth owned by a person or organization (Money, stocks, gold, shares) anything you could sell
Child Labour
Children being payed to do any form of work that interferes with them attending school or is mentally, physically, socially, and morally harmful
Demand
Consumers desire to purchase goods or services and their willingness to pay a specific price for them
Domestic
The currency that is used in someone’s own country/ Something hand made, not in factories
Economic system
A means by which societies or governments organize and distribute available resources, services, and goods across a geographic region or country
Employment rate
The extent to which available labour resources (people available to work) the percentage age of the labour force that is employed. It is an indicator that helps us understand the state of the economy ex.) 98% vs 62%
GDP (Gross Domestic Product)
The total value of goods produced, a loaf of bread for a customer would contribute to gdp but if we made it for our family it would not contribute to gdp
Standard of living
The level of wealth comfort, material, goods and necessities available to a a certain socioeconomic class or geographic area ex.) wages, housing, water quality, healthcare, happiness
Industrialize
To introduce industry into an area on a huge scale, ex.) building a new manufacturing plant in a rural town- potash industry, car industry
Industrialize
To introduce industry into an area on a huge scale, ex.) building a new manufacturing plant in a rural town- potash industry, car industry
Industry
A group of manufacturers or businesses that produce one particular kind of goods and services which get sold, ex.) education, retail and entertainment
What is mercantilism?
A nationalist economic policy that is designed to maximize the exports and minimize the imports for an economy. (A theory that trade with other countries generates wealth)
Mass production
The manufacturing of large quantities of standardized products, often using assembly lines or automation technology
Entrepreneur
Someone who organizes and operates a business or businesses, taking greater than normal financial risk in order to do so
Textile
Products containing at least 80% by weight of textile fibres. Materials people wear or use in households or technical settings
Economics
The study of the production distribution and consumption of goods and services
What is capitalism?
-Base unit for social analysis should be the nation not the state.
-trade is not a win or lose situation but everyone can benefit from trade.
-goods and services are produced for profitable exchange.
-Labor is the source of value
-The law of supply and demand
What is Marxism?
An economic and political theory that states that law is an instrument of oppression and control that the ruling classes use against the working classes.
