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30 Cards in this Set

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  • Back
Hierachy of Authority
The ranking of people accoding to their relative rights and responsibilities to control and utilize resoures.
Property Rights
The right to onw, use, or sell valuable resources.
Aristocracy
People given the right by a ruler to control a country's resources, including its land and labor.
Feudalism
The business or economic system in which one class of people, aristocrats control the property rights to all valuable resources, including people.
The Hundred Years War
1337-1453
Was fought between the Lancaster and York families to secure the rights to the English throne.
Double Coincidence of Wants
The problem that each person has to want the produce that the other person has to offer for the exchange to be sucessful.
Money
An exchange standard or store of value against which the value of different goods and services can be compared and their relative prices determined.
Caveat Emptor
Roman saying 
Buyer Beware
Mercantilism
Is the business system in which products are traded across markets and countries until they are put to their most highly valued use, Invested or consumed where they create the most utility.
Merchants
Are traders who notice a discrepancy between the value and price in one market and its value and price in another.
Bankers
The people who estimate the risks associated with a new venture and determine the way profit from a venture should be shared.
Craftspeople
Workers or artisans with the skills to produce higher-quality goods and services.
Craft Guild
A group of skilled artisans organized to control and govern different aspects of its trade.
Industrial Revolution
An era in the 18th and 19th centuries that marked improved production and trade brought about by advances in technology.
Why did the Industrial Revolution occur so late?
Constant wars that had raged throughout the world for centuries isolated people, making it difficult for them to learn about new innovations from one another.
Innovation
The development of new and improved products and new and improved mehods to create them.
Trust
A combination of companies linked by legal titles and property rights that allow them to function like one large company.
Capitalism
The economic or business system in which the private ownership of resources becomes the basis for the production and distribution of goods and services.
Capitalists
People who personally own or control the physical capital of industrial production such as machinery, factories, distribution networks, raw materials, and technology.
Proletariat
The class of unskilled workers who have no capital and only possess the rights to sell their own labor.
Trade Union
An organization that lobbies on behalf of its members to increase their bargaining prover in work related negotiations
Class System
A social ranking of people based upon their capital wealth, and because of factors such as heredity, kinship, fame, and occupation.
Upper Class
Industrialists, merchants, bankers etc who control a significant amount of a nations wealth.
Middle Class
People through education, training, enterprise, luck, marriage, thrift, are able to accumulate enough capital to purchase their own homes and or make investments necessary to provide a secure future for themselves and their families.
Working Class
Own their own labor and often very little else. Proletariat.
Lower Middle Class
People who still must possess a regular job to maintain their standard of living, they are people, who might own modest homes and have three to six months savings to carry them through times when they are unemployed.
Upper Middle Class
Small-business owners and entreprenuers, medical doctors, senior corporate executives, and so on. These people have high incomes and are able to invest a significant proportion of their income to increase their capital, which makes them impervious to a loss of job or some other economic misfortune.
Joint Stock Company
An Entrepreneur raises capital by issuing stock certificates of its ownership. This involves selling shares of the stock to investors that guarantee them the right to a certain percentage of profits.
Unlimited Liability
A legal system in which the personal capital and wealth of all of a company's stockholders can be seized to pay its debts.
Limited Liability Company
A legal system that prevents creditors from seizing the personal wealth of a company's stockholders to pay a company's debts.