Name __________________
Global History I
Date _____________
Economic Systems
Economic Systems
1. What is an economic system?
2. What questions do economic systems answer?
3. What are the characteristics of a traditional economy?
4.
What are the characteristics of a market economy?
5. What are the characteristics of a command economy?
6. What are the characteristics of a mixed economy?
7.
What are factors of production?
8. Name three types of resources.
9. What are needs?
a. What are wants?
10. What is the conflict of scarcity? Give an example.
Name ________________________
Global History I
Date _____________
Economics Unit
Traditional Economy
1. What is a traditional economy?
2. How did people acquire food during the Paleolithic Period?
3. How was work divided between men and women?
4. What types of tools were used during the Paleolithic Era?
5. How did the Neolithic Revolution change the way people lived?
6. What is a civilization?
7. Why were wars frequent during the Neolithic era?
8. How did a person’s occupation influence a society’s social structure?
9.
What were examples of early social classes?
10. Why did women’s stature in society change during this time period?
Name ____________________________
Global History I
Date ____________
Economic Systems
Manorialism
1. Why did Europeans have to develop a new economic system?
2. What was the system called that controlled all aspects of life?
3. What was the economic portion of Feudalism called?
4. Why were manors considered self-sufficient?
5. Was there a lot of trade during this time period?
6. Who are serfs?
7. Why were serfs given land? (What was exchanged?)
8. What did lords provide to peasants?
9. What responsibilities did the kings have in society?
10. What responsibilities did knights have in society?
Name _________________________
Global History I
Date_____________
Economic Systems
Commercial Revolution
1. What was a major result of the Crusades?
2. Who became the center of trade? Why?
3. Where were trade fairs located?
a. What did these fairs evolve into?
4. Who made up the middle class?
5. What replaced service as a form of payment?
6. Describe a guild
7. Describe the economic concepts of Capitalism and the Market Economy
8. Why were partnerships and Joint Stock companies important?
9. What did banks provide?
10. What that result of the Commercial Revolution?
Name _________________________
Global History I
Date __________________
Economic Systems
Mercantilism
1. Define Mercantilism
2. What role did a colony have in Mercantilism?
3. What was a result of Mercantilism?
Industrial Revolution
4. Where did people live in 1750? Where did they live by 1850?
a. Where did the Industrial Revolution begin?
5. What did the Industrial Revolution fundamentally change?
6.
What is Capitalism and Market Economies based on?
7. What were the effects of the factory system?
8. Describe the working conditions in a factory.
9. What was a major difference between Mercantilism and Laissez-Faire
economics?
10. How did the Industrial Revolution change society?
Name __________________________
Global History I
Date______________
Economic Systems
Communism
1. Why are socialism and communism considered social, political and economic
systems?
2. What did early socialists want?
3. Who wrote the Communist Manifesto?
4. How did Russian Czars treat peasants?
5. Who led the Communist Revolution in Russia?
6. What did Russia base their government on?
7. What new name was given to Russia?
8. What was the New Economic Policy?
9. Define Command Economy.
10. What are Collective Farms?
a. What Effect did this have on the peasants