SS
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 theory 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
Ch. 10 Notes 16 Economic Innovations and Ideas
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 of currency 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.
What were Paleolithic Needs and Wants?
Paleolithic peoples focused a large percent of their time making sure the needs of food, water & shelter were met.
Wants for early humans 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
Where did the Phoenicians settle and Trade?
Phoenicia was where Lebanon is today
Phoenicians 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?
Trading Partners
Middlemen
Modes of Transport
Currency
Trade Goods
Ch. 10 Notes 17 Economic Changes During the Middle Ages
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.
What did it mean to say that medieval manors were self-contained & self-sufficient?
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
Commercial Revolution
The expansion of trade and business that transformed European economies during the 1500s and 1600s.
Demesne
The lord’s land (called a demesne) that the serfs worked, caring for his animals & maintaining the estate.
Commerce
Commerce refers to the activity of buying & selling on a large scale
Bills of Exchange (p254)
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 (p249)
Samurai were members of Japan’s warrior class Early Samurai protected Japan’s aristocratic landowners and practiced the code of Bushido.