Economics Chapter on Mercantilism and Capitalism

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Questions and Answers

What is mercantilism primarily concerned with?

The rise of capitalism in economies

Free trade without government intervention

Creating artisan goods from raw materials

Establishing colonies and controlling trade (correct)

What was one major factor leading to the decline of mercantilism in the 18th century?

Increased competition between colonies

The establishment of free market principles

A surge in demand for artisan goods

The reaction against colonial trade restrictions (correct)

Which of the following is NOT one of the Three Natural Laws of Economics as described by Adam Smith?

Law of Self Interest

Law of Capital Accumulation (correct)

Law of Supply and Demand

Law of Competition

What innovation marked the beginning of the Industrial Revolution in the 1700s?

The invention of the steam engine Signup and view all the answers

What does capitalism emphasize in terms of trade and market control?

Free trade with minimal government intervention Signup and view all the answers

What continues to influence the world today as a legacy of historical globalization?

Struggles between differing viewpoints Signup and view all the answers

Which term best describes the impacts that early globalization has left on present societies?

Legacies Signup and view all the answers

What is a primary factor that led to the establishment of a universal numbering system?

Globalization and increased trade Signup and view all the answers

What is a potential consequence of having multiple number systems in trade?

Confusion in transactions Signup and view all the answers

Which historical event is NOT directly related to early globalization?

Industrial Revolution Signup and view all the answers

Which concept is closely associated with the inequalities that arose during historical globalization?

Mercantilism Signup and view all the answers

What did the spread of diseases during historical globalization primarily result in?

Depopulation Signup and view all the answers

Which of the following is a method used to quantify data in contemporary society?

Statistics Signup and view all the answers

What major change in production methods occurred during the Industrial Revolution?

Production shifted from small-scale, hand-crafted methods to large-scale factory settings. Signup and view all the answers

How did technology impact manufacturing during the Industrial Revolution?

It allowed for quicker and more cost-efficient production with machines. Signup and view all the answers

What economic practice provided raw materials for the Industrial Revolution?

Mercantilism and imperialism. Signup and view all the answers

What characterized contemporary globalization according to the information provided?

It reflects the interconnectedness of the global economy today. Signup and view all the answers

What advancement in sailing technology allowed for further exploration?

Caravel Signup and view all the answers

What form of slavery emerged due to the growing demand for labor in European colonies?

Chattel slavery, treating individuals as property. Signup and view all the answers

Which of the following factors contributed to the rise of the Middle Class?

Rise of trade and commerce Signup and view all the answers

What significant invention by Gutenberg in 1436 influenced the rapid spread of ideas?

Printing press Signup and view all the answers

Which European powers primarily established large colonies by the late 1700s?

British and Dutch Signup and view all the answers

What did the term Eurocentrism refer to in the context of European colonization?

Belief in the superiority of European culture Signup and view all the answers

What was one reason why European monarchs encouraged emigration to their new colonies?

To spread their culture and laws Signup and view all the answers

What significant change occurred in Europe's economy after 1347?

Trade replaced agriculture as the driving economic force Signup and view all the answers

Which factor primarily motivated the increase in global trade during the early globalization period?

Desire for wealth from trade Signup and view all the answers

What was a major outcome of the Grand (Columbian) Exchange?

The spread of disease and new technologies Signup and view all the answers

What was a significant role of traders in the spread of ideas on the Silk Road?

They shared news and knowledge. Signup and view all the answers

What was one impact of the Silk Road on the affordability of luxury goods in Europe?

Some luxuries became more affordable to various classes. Signup and view all the answers

Which of the following was NOT a problem faced by traders on the Silk Road?

Lack of trade routes availability Signup and view all the answers

In which historical period did the European imperialism notably contribute to globalization?

1492 - WWII (1945) Signup and view all the answers

What was a primary function of the Silk Road aside from trade?

Impacting the spread of ideas and religion Signup and view all the answers

Which of the following was a consequence of the exchanges that occurred along the Silk Road?

Spread of medical knowledge and science Signup and view all the answers

What era does 'contemporary globalization' refer to?

WWII (1945) - Present Signup and view all the answers

What was one of the main reasons Africans and Indigenous Peoples were enslaved?

They were captured because of their race. Signup and view all the answers

Which of the following marked the beginning of widespread abolitionist movements?

The publication of Olaudah Equiano's autobiography. Signup and view all the answers

What did the Emancipation Act of 1833 achieve?

It abolished slavery throughout the British Empire. Signup and view all the answers

What percentage of enslaved individuals in Canada were Indigenous Peoples?

33% Signup and view all the answers

What was a characteristic of indentured servitude?

Poor settlers signed contracts for minimal pay. Signup and view all the answers

Study Notes

This issue examines the extent to which contemporary society should respond to the legacies of historical globalization.
Key terms include:
- Contemporary Society: Modern, present-day society within the past 10 years.
- Legacies: The consequences and effects of past events.
- Historical Globalization: The historical processes of globalization.
- TWE: To what extent. This signifies the need to take a position on a specific topic.

Related Issue 1: The extent to which globalization shapes identity.
Related Issue 2: The extent to which contemporary society should respond to historical globalization's legacies.
Related Issue 3: How globalization contributes to sustainable prosperity for all people.
Related Issue 4: The extent to which citizens should respond to globalization.

Chapter 5: Foundations of Globalization. This explores the impact of early globalization on the world's people.
Chapter 6: Legacies of Historical Globalization. This investigates the continued impact of historical globalization on people worldwide.
Chapter 7: Legacies of Historical Globalization in Canada. This examines historical globalization's influence on Canada.
Chapter 8: Living with the Legacies of Historical Globalization. This analyzes the effectiveness of efforts to respond to historical globalization's legacies.

Decisions and actions from the past serve as legacies of historical globalization.
Conflicts and differing viewpoints continue to affect the world today.
Governments, groups, and individuals actively address the consequences of historical globalization.
Understanding the connection between historical globalization and individual lives is significant.
Responding effectively to the impacts of historical globalization is crucial.

Chapter 5: Foundations of Globalization

Investigates how early globalization affected the world's people.
Explains the origins and development of globalization.
Analyzes various factors influencing early globalization, such as trade, cultural exchange, technological advancements, and their impacts on different societies.

Chapter 6: Legacies of Historical Globalization

Examines the continued impact of historical globalization on various societies and groups worldwide.
Explores the lasting effects of historical globalization on global societal structures, cultural practices, and economic disparities.

Chapter 7: Legacies of Historical Globalization in Canada

Analyzes the influence of historical globalization on Canada.
Explores how historical globalization has influenced Canadian society, economy, and cultural landscape.
Addresses the specific impact of historical globalization on Indigenous peoples in Canada.
Analyzes how historical globalization continues to affect Canada.

Chapter 8: Living with the Legacies of Historical Globalization

Investigates the effectiveness of attempts to address the legacies of historical globalization.
Examines how various societal actors – individuals, groups and governments - have dealt with the challenges associated with historical globalization.
Evaluates the effectiveness of different strategies employed to address the consequences of historical globalization.
Discusses the continued impact of historical globalization on the world.

Key Words and Concepts

Silk Road: Ancient trade route.
Feudalism: Historical social and economic system.
Black Death: A devastating pandemic.
Mercantilism: Economic system promoting trade restrictions.
Imperialism: Policy of extending one's power over other countries or territories.
Hierarchy: System of ranking or levels of authority.
Middle Class: Social group between the upper and lower classes.
Christopher Columbus: European explorer.
Prince Henry the Navigator: Portuguese prince.
1347: Year of a major historical event.
Diseases: Pathogens and their associated illnesses.
Depopulation: Reduction in the size of a population.
Colony: Region controlled by another country.
Slavery: System of forced labor.
Capitalism: Economic system emphasizing private ownership and free markets.
Grand Exchange: The exchange of goods, ideas, and diseases between the Old and New Worlds.
Industrial Revolution: Period of major technological innovations.
Assembly lines: Manufacturing process using standardized parts.
Transatlantic Slave Trade: The forced movement of enslaved Africans across the Atlantic Ocean.
Abolitionist Movements: Efforts to abolish slavery.
Emancipation Act of 1833: Legislation abolishing slavery in the British Empire.
Juneteenth: Commemorates the emancipation of enslaved African Americans.
Indentured Servitude: System of labor in which someone signs a contract for work in exchange for passage to a new country.
Eurocentrism: Belief that European cultures are superior.

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Description

Test your knowledge on the key concepts of mercantilism and capitalism, including the factors leading to their development and decline. Explore the impacts of historical globalization and the legacy it has left on modern economies. This quiz challenges your understanding of economic principles as described by influential thinkers like Adam Smith.