Socials Unit 4 Chapter 10 Review

Needs

Needs

Things essential for survival, such as food and shelter; contrasted with wants.

Wants

Things that people desire; the opposite of needs

Single Origin Theory 

This suggests that all humans originated in Africa. They started to migrate out of Africa about a million years ago and spread to Europe and Asia.

Factors of Production

The resources—including land, labor, and capital—that are needed to produce goods and services.

Trade

The exchange of goods and services.

Import

Bringing goods and services into a country from elsewhere.

Export

Sending goods and services to another country from your own.

Economics

Is the study of how to maximize the use of resources to meet needs & wants

Bartering

Fulfilling needs and wants by exchanging needed or wanted objects and resources.

Currency

A form of money. A physical object, like a coin or token, that has no value unto itself but is used as a placeholder for a thing of value. Early forms included clay tokens, stamped with a seal, that could be exchanged for a fixed quantity of grain from a central repository. To trade the token in barter was akin to trading the grain itself.

Paleolithic Needs

food, water & shelter

Paleolithic Wants

could be as simple as another stone tool with a sharper edge or a warmer shelter.

Silk Road

An ancient network of trade routes that for centuries were central to trade & cultural interaction from Asia to Europe

Phoenicians

was where Lebanon is today, they created city-states across the Mediterranean for trade, they produced papyrus & purple dye & also traded things they got from other lands like wine, weapons, precious metals, ivory & silk.

What are the 5 Components of Trade?

1. Trading Partners

2. Middlemen

3. Modes of Transport

4. Currency

5. Trade Goods

Manor

A lord’s estate in feudal Europe.

Serf

A medieval peasant legally bound to live on a lord’s estate.

Three Field System

A system of farming developed in medieval Europe, in which farmland was divided into three fields of equal size and each of these was successively planted with a winter crop, planted with a spring crop, and left unplanted.

Lord

In feudal Europe, a person who controlled land and could therefore grant estates to vassals.

Vassel

In feudal Europe, a person who received a grant of land from a lord in exchange for a pledge of loyalty and services.

Knight

Medieval Europe, an armored warrior who fought on horseback.

Fief

An estate granted to a vassal by a lord under the feudal system in medieval Europe.

Tithe

A family’s payment of one-tenth of its income to a church.

Guild 

A medieval association of people working at the same occupation, which controlled its members’ wages and prices.

Artisan

A skilled worker, such as a weaver or a potter, who makes goods by hand.

Commercial Revolution

The expansion of trade and business that transformed European economies during the 1500s and 1600s.

• Manors could operate independently from one another

• Food for survival were produced in or near the manor, like meat, crops, & vegetables 

• Only salt, iron & unusual objects were rarely purchased from afar

How are manors self contained and self sufficient?

Demesne

The lord’s land that the serfs worked, caring for his animals & maintaining the estate.

Commerce

refers to the activity of buying & selling on a large scale

Bills of Exchange

documents that clearly indicated exchange rates between coinage systems

Letters of Credit

Official letters issued in one country & shown in another that allowed a merchant to withdraw cash or pay for items with credit without having to carry cash around

Samurai

were members of Japan’s warrior class Early they protected Japan’s aristocratic landowners and practiced the code of Bushido.