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9 Cards in this Set
- Front
- Back
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economic effects of the agricultural revolution
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Merchants need capital or money in order to buy goods; they often had to borrow money in order for this to happen. This would lead to the first banking houses ➢ These changes eventually changed society as well: people had more money; they could now pay the lord with funds instead of labor.
Middle class emerges: merchants, artisans, and traders. Clergy and nobles look down on middle class. They believed that the money made on usury (Interest) was immoral. During the middle ages, increases in trade and commerce resulted in the development of towns and cities |
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partnership
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group of merchants pool their funds to finance a large scale venture.
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Insurance
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for a fee, an underwriter would guarantee that a merchant’s shipment arrived safely. If it did, then the merchant only looses a small fee. If it doesn’t, the merchant is paid for most of what he has lost.
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bill of exchange
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: (a check) a note allowing the merchant to cash in at another city. (Doesn’t have to carry gold.)
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inflation
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prices of goods increases with the influx of large amounts of currency
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Feudalism
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A loosely organized system of government in which local lords governed their own land, but owed military service and support to a greater lord or king. It is a system in which land is exchanged for military service and loyalty. The system developed after the collapse of Rome
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3 field system
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- Field 1: grain; Field 2; legumes (peas, beans) (Restored soil fertility, made diverse diet) Field 3: Left Empty (Fallow) by leaving some land unplanted, farmers were able to increase food production over a longer period of time.
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barter system
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system o currency based on total agriculture and self-sufficiency. Items are traded for other items, no currency is used.
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role of the church
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The church was central to medieval life. Religion played a significant role in the daily lives of the people of Europe.
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