History of Macroeconomics Flashcards
1
Q
What is Macroeconomics?
A
Macroeconomics is the study of the big economy
2
Q
Why is Barter so bad?
A
Barter requires both sides of the trade to desire specifics, Very inefficient and does not allow specialisation
3
Q
What is capitalism?
A
Capitalism is the form of society in how everyone is driven by monetary profits
4
Q
What years was feudalism?
A
500-1350 AD
5
Q
What are the characteristics of feudalism?
A
-Serfs owning the land
-Barter economy, Lords got paid by the serfs working in the land in return of protection
-Catholic philosophy predominant- Trading and profits were sinful
-Very slow economic change, no social mobility, no technological change
