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What is the number one indicator of standard of living?
A person's income
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Who created a crop rotation that did not need to leave land fallow?
Charles Townshend
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What percentage of the European population was involved in agriculture?
About 80%
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What was a problem with the cottage industry?
Control of the quality of the product
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What fuel source do new machines require, leading to increased mining?
Coal
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What metaphor describes banks in relation to the economy?
Like a heart, money is like blood
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Who wrote the Wealth of Nations?
Adam Smith
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What dictates a worker's life in a factory?
The factory whistle
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What is a bull market?
A market where share values tend to rise
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What does laissez-faire mean in economic terms?
Government does not interfere
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Who were the Luddites?
Frustrated workers who vandalized factories
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What economic theory brought European countries into competition?
Mercantilism
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What is the point of equilibrium?
The price point at which supply meets demand
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Why did people have to live close to their workplace?
No public transportation
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What financial instrument allowed depositors to write instead of using cash?
Cheques or promissory notes
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What does the price charged to consumers include?
Cost of production plus profit margin
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What class posed a threat to the aristocracy?
The new entrepreneurial middle class
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What is the Enclosure Movement?
Farming land privately rather than publicly
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What does capitalism allow a person to earn a living by?
Investing rather than working
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Why did Fritz Harcourt struggle in Prussia?
Lacked the infrastructure to produce and distribute goods
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What were British colonies forced to do?
Buy British
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How do British businesses benefit from the banking system?
As a place to get money
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Who created the first locomotive?
George Stephenson
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What is needed for trains to distribute goods?
Rail roads
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How do banks make money?
By charging a higher rate of interest to borrowers than to depositors
ここでカードを閲覧するか、 sign up to study with spaced repetition.
What is the number one indicator of standard of living?
A person's income
Who created a crop rotation that did not need to leave land fallow?
Charles Townshend
What percentage of the European population was involved in agriculture?
About 80%
What was a problem with the cottage industry?
Control of the quality of the product
What fuel source do new machines require, leading to increased mining?
Coal
What metaphor describes banks in relation to the economy?
Like a heart, money is like blood
Who wrote the Wealth of Nations?
Adam Smith
What dictates a worker's life in a factory?
The factory whistle
What is a bull market?
A market where share values tend to rise
What does laissez-faire mean in economic terms?
Government does not interfere
Who were the Luddites?
Frustrated workers who vandalized factories
What economic theory brought European countries into competition?
Mercantilism
What is the point of equilibrium?
The price point at which supply meets demand
Why did people have to live close to their workplace?
No public transportation
What financial instrument allowed depositors to write instead of using cash?
Cheques or promissory notes
What does the price charged to consumers include?
Cost of production plus profit margin
What class posed a threat to the aristocracy?
The new entrepreneurial middle class
What is the Enclosure Movement?
Farming land privately rather than publicly
What does capitalism allow a person to earn a living by?
Investing rather than working
Why did Fritz Harcourt struggle in Prussia?
Lacked the infrastructure to produce and distribute goods
What were British colonies forced to do?
Buy British
How do British businesses benefit from the banking system?
As a place to get money
Who created the first locomotive?
George Stephenson
What is needed for trains to distribute goods?
Rail roads
How do banks make money?
By charging a higher rate of interest to borrowers than to depositors
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