All Flashcards
Compare Mercantilism and Laissez-faire.
Mercantilism involves government control and trade restrictions, while laissez-faire promotes free trade and minimal government intervention.
Compare the economic systems before and after the Industrial Revolution.
Before: Primarily agricultural and localized. After: Industrialized, globalized, and driven by technological innovation.
Compare the living conditions of the upper and working classes during the Industrial Revolution.
Upper class: Lived in luxury. Working class: Faced poverty, poor conditions, and exploitation.
Compare the role of government in mercantilist and laissez-faire economies.
Mercantilist: Government actively controls trade and the economy. Laissez-faire: Government has minimal intervention.
Compare the focus of economic activity before and after the rise of transnational businesses.
Before: Primarily domestic. After: Increasingly global, with businesses operating across multiple countries.
Compare the sources of wealth in a mercantilist and a laissez-faire economy.
Mercantilist: Accumulation of gold and silver through trade surpluses. Laissez-faire: Production, innovation, and free exchange.
Compare the impact of industrialization on urban and rural areas.
Urban: Rapid growth, industrial centers. Rural: Decline in agricultural employment, migration to cities.
Compare the economic opportunities available to different social classes during the Industrial Revolution.
Upper class: Accumulated wealth, owned businesses. Working class: Limited opportunities, low wages, and harsh working conditions.
Compare the role of technology in mercantilist and laissez-faire economies.
Mercantilist: Technology used to support trade and resource extraction. Laissez-faire: Technology drives innovation and economic growth.
Compare the level of economic inequality in mercantilist and laissez-faire societies.
Mercantilist: Inequality based on social hierarchy and government favor. Laissez-faire: Inequality driven by market forces and competition.
What were the causes and effects of the shift from Mercantilism to Laissez-faire?
Causes: Enlightenment ideas, desire for economic freedom. Effects: Increased trade, economic growth, but also potential for exploitation.
What were the causes and effects of new banking practices?
Causes: Need for capital for large-scale projects. Effects: Economic growth, increased investment, and global financial networks.
What were the causes and effects of the Industrial Revolution?
Causes: Technological innovations, access to resources, and a supportive economic climate. Effects: Mass production, urbanization, and new social classes.
What were the causes and effects of the rise of consumerism?
Causes: Increased disposable income, mass production of goods. Effects: Economic growth, but also social inequalities and environmental concerns.
What were the causes and effects of the Wealthier Populations?
Causes: Industrial production, trade, and technological advancements. Effects: Emerging middle class, consumerism, and changes in social norms.
What were the causes and effects of the Widening Gap Between Classes?
Causes: Unequal distribution of wealth, exploitation of workers. Effects: Social tensions, labor movements, and calls for reform.
What were the causes and effects of the rise of Joint-Stock Companies?
Causes: Need for large capital investments. Effects: Increased economic activity, expansion of businesses, and global trade.
What were the causes and effects of the Financial Instruments?
Causes: Need for managing risk and facilitating investment. Effects: Increased economic stability, investment opportunities, and business growth.
What were the causes and effects of the rise of Transnational Businesses?
Causes: Globalization, technological advancements. Effects: Increased global trade, economic interdependence, and cultural exchange.
What were the causes and effects of the rise of Stock Markets?
Causes: Desire for investment opportunities, need for capital. Effects: Increased economic activity, business expansion, and financial speculation.
What is Mercantilism?
Economic policy where government controls trade, uses high tariffs, and aims to export more than import.
What is Laissez-faire?
Economic policy advocating free trade, limited government intervention, and individual freedoms.
What is the Invisible Hand?
Adam Smith's concept that the economy self-regulates when individuals pursue their self-interest.
What is Division of Labor?
Specialization of tasks to increase productivity.
What are Joint-Stock Banks?
Banks that pool money from multiple investors for large projects.
What is Limited Liability?
Shareholders are only responsible for the amount of their investment, limiting personal risk.
What are Transnational Businesses?
Companies that operate in multiple countries.
What is a Stock Market?
A place where shares of companies are bought and sold, representing part ownership.
What is Consumerism?
The increased purchase and consumption of non-essential goods.
What are Investment Trusts?
Pooled money from various investors to diversify investments.