Mini Unit 1 Quiz Review Economics

This is an economic practice in which two or more objects are exchanged.

• Barter

• Trade

• Investment

• Commerce

This is a type of economy in which economic practices are generally controlled by a single administrative person, group, or other entity.

• Market Economy

• Command Economy

• Mixed Economy

• Traditional Economy

This innovation allowed states to evenly pay soldiers rather than splitting loot unequally; the practice then spread to the mainstream economies of Classical states and enhanced economic activity.

• Coinage

• Barter System

• Banking

• Taxation

Under this system, states attempt to control a maximum amount of ‘fixed wealth’ by encouraging domestic purchases and discouraging foreign purchases.

• Capitalism

• Mercantilism

• Socialism

• Feudalism

This was the era in which agricultural practice, permanent settlement, and trade transformed human society.

• Industrial Revolution

• Neolithic Revolution

• Renaissance

• Enlightenment

This was the era following the fall of Rome, and lasting until the 15th-century Renaissance, in which economies were generally administered & controlled by royalty, city governments, or some other central authority.

• Middle Ages

• Classical Era

• Modern Era

• Ancient Era

This is a redeemable paper in which a person can exchange the currency for legal tender, such as silver or gold coins.

• Banknote

• Check

• Bond

• Stock

This is a state entity that legally stamps currency in the form of metal coins for exchange and storage.

• Treasury

• Mint

• Bank

• Exchange

This was the idea that peasants could (and oftentimes were required to) live on noble land for sustenance, paying their ‘rent’ in the form of grain or labor tax.

• Feudalism

• Capitalism

• Socialism

• Mercantilism

This is the usefulness of a good or service.

• Value

• Utility

• Demand

• Supply