Test Review

Test Review - REVIEW NOTES FOR EXAMINATIONS 1 Review Notes...

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Review Notes for Economics 1301 Dr. Gilbreath Exam 1 Lecture Notes Pragmatism – practical, interested in things that work, “doers rather than dreamers” Anthropocentric – man centered, believe nature exists for man’s benefits Derivative culture – our roots come from other places Aristocracy of talent – we become leaders for what we’ve accomplished, not family name Protestant work ethic – stresses accumulation of wealth Plutocracy – government by the wealthy Malthusian -carrying capacity, now way to get out of the population mess Archimedes Principle of Wealth – how to get more from an economy, must take away from someone else’s piece of pie LDC-DC – Less developed country, Developed Country Invention/innovation – Discover/development Rule of 70 – doubling time, need to know growth rate Crusades – Christian military expeditions to recover the Holy Lands, acquired a taste for exotic goods Renaissance – rebirth of the learning of art and culture in ancient Rome or Greece (Italy) Aristotle – non-religious study of him led to a re-examination of the individual and his or her relationship to the state (Renaissance) Plato - non-religious study of him led to a re- examination of the individual and his or her relationship to the state (Renaissance) Mercantilism – one’s whose business is buying and selling (Necessary step to go from Feudalism to Capitalism) Nation-State - Feudalism – economic and social system in Europe where serfs worked the land, and the land was held by vassals (land owner) in exchange for military and other services for overlords - Nationalism – pride in one’s nation Sovereignty – above all others, supreme in powers Machiavelli/The Prince - The Reformation – religious movement that led to the establishment of the Protestant Church Martin Luther – led the Protestant Reformation, emphasized personal freedom and responsibility Priesthood of the laity – no individual holds the keys to the kingdom John Calvin/Calvinism – part of Religious Reformation era, taught that mankind’s economic duty was to work diligently, be highly productive, and live frugally Age of Enlightenment – great awakening of the European society and their expansion (to free from ignorance) Industrial Revolution – rapid expansion of industry Old order – Thesis, England Monarchy – rule by heredity Class rigidity – people of one class could only associate with people of that same class. (Collars on shirts help distinguish what class you belonged to) Adam Smiths "greatest enemy" - Monopoly Dialectic – way of thinking about change Thesis – ordinary way (old order) Antithesis – new way (America) Synthesis – blend of old and new Taxation w/o representation – one reason for the America Revolution, Americans being taxed by England without any say in government Divine right – a right given by God Free trade area – no taxes or tariffs Common market - 2
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This note was uploaded on 09/25/2008 for the course ISY 1305 taught by Professor Sanchez during the Spring '08 term at Baylor.

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Test Review - REVIEW NOTES FOR EXAMINATIONS 1 Review Notes...

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