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Unformatted text preview: Review of the ISS 315 first exam Ch 1. what is political economy A. the individual and society 1.individuals in traditional societies * simple economy * main occupations were hunting (animals) and gathering (natural vgetations) * no or very little division of labor * more independence * no scarcity of food. 2. individual in modern societies *complex economy * countless occupations * complex division of labor * more interdependence * scarcity B. production and distribution e * mobilization e of human energy for production * the economic institutions of society must also assure a suitable allocation of manpower. C. three solutions to the economic problem * tradition * command * The market CH. 2 The premarket economy A. Economic organization of antiquity e Agriculture Upper class lived in urban centers of Egypt, Greece and Rome where luxury goods game from all over the world. Slaves kept the economy in momentum e The social surplus was in the form of monuments such as pyramids e e of Egypt Wealth was accumulated not through work but by use of politics, power, religion, and force. There was no social justice in economies of old civilizations B. Economic Society in the middle ages Fall of roman empire lead to small and relatively independent states....
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- Spring '08
- Political Economy