World History and Economics

Question 1

________ was the turning point in human history from the hunter gather model to sustenance to an agrarian lifestyle

Answer 1

Neolithic Revolution

Question 2

what did the Neolithic Revolution spark?

Answer 2

tools, writing, art, technology, and religion

Question 3

mesopotamia is known for what river?

Answer 3

tigris-euphrates

Question 4

egypt is known for what river?

Answer 4

nile river valley

Question 5

indus valley civilization is known for what river?

Answer 5

indus river

Question 6

china is known for what river?

Answer 6

yellow river

Question 7

what advancement is mesopotamia known for?

Answer 7

cuneiform. which is a form of script

Question 8

what advancement are egyptians known for? what is something else they are known for?

Answer 8

first to develop their language into writing, known as hieroglyphics. they are also known for their pyramids

Question 9

what two dynasties were in china?

Answer 9

Xia and Shang

Question 10

what was the Ottoman’s Empire contributions?

Answer 10

conquered and ended the Byzantine Empire, controlled much of Europe , known as turkish empire

Question 11

What are some of Africa’s contribution?

Answer 11

gold, wealth, resources

Question 12

what were some major developments that occurred in 20th century?

Answer 12

technology, communication, energy

Question 13

who invented the assembly line

Answer 13

henry ford

Question 14

who invented thelight buld

Answer 14

thomas edison

Question 15

what was the age of reason?

Answer 15

transition from faith-based reasoning to medieval era to rational reasoning

Question 16

what was the enlightenment?

Answer 16

intellectual movement for freedom, democracy and reason

Question 17

what is the age of exploration?

Answer 17

europeans began exploring trade routes to avoid ottoman empire.

Question 18

who was the american revolution between?

Answer 18

between the british and the 13 american colonies

Question 19

what was the french and indian war

Answer 19

also known as the seven years war. fought between great britain and france over maintaining their land.

Question 20

by 1914, what two counties in africa were independent?

Answer 20

Liberia and Ethiopia

Question 21

what is a recession?

Answer 21

temporary economic decline

Question 22

what is gross domestic product?

Answer 22

the value of goods and services

Question 23

what is capitalism

Answer 23

business owners produce goods and provide serves in order to make a profit, not for personal consumptions

Question 24

what is socialism?

Answer 24

no private business owners , system of collective or government ownership

Question 25

what is communism?

Answer 25

where no private property exist nd there is central production

Question 26

what is monopoly?

Answer 26

where there is only one producer/seller. has control over the price and service

Question 27

what is oligopoly?

Answer 27

where there are few producers/sellers make up the industry.

Question 28

what is equilibrium? what is it also known as?

Answer 28

balance between supply and demand. also known as allocation efficiency

Question 29

what does elasticity mean?

Answer 29

consumers change their demand and producers change their supply in response to changes in price or income

Question 30

what is cost scarcity?

Answer 30

limited availability of goods and services

Question 31

what is opportunity cost?

Answer 31

the loss of potential gain from other alternative when one alternative is chosen

Question 32

what is an embargo?

Answer 32

a ban on trade

Question 33

what is the federal reserve?

Answer 33

the central banking system of the united states

Question 34

what is a tariff

Answer 34

a tax or duty to be paid on a particular class of imports or exports

Question 35

what is comparative advantage?

Answer 35

country produces a good or service for a lower opportunity cost

Question 36

what is absolute advantage?

Answer 36

when a country produces greater quantity of a good, product on competitors.

Question 37

what is inflation?

Answer 37

a rise in general price

Question 38

what is deflation?

Answer 38

a decrease in the general price of goods

Question 39

what is traditional economic system?

Answer 39

traditions, customs, and beliefs shape the goods and the services

Question 40

what is command economic system?

Answer 40

government determines what goods should be produced and how much should be produced