SG2historyF11

SG2historyF11 - ECON 1740 U.S. Economic History Study Guide...

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ECON 1740 U.S. Economic History Study Guide Two August 22, 2011 History of Economic Growth (Feudalism and Mercantilism) From Class Notes on History (much of this comes from History Notes: Feudalism to Mixed Capitalism ) 1. Per-capita income in the United States is currently above $45,000. What percentage of the world makes more than $45,000 per year (according to http://www.globalrichlist.com )? 2. What do we mean by the “Great Divergence”? 3. List and briefly explain the four basic characteristics of a pre-capitalistic or feudalistic society. 4. Which group of people allowed European society to move from feudalism to mercantilism? Be sure to define the terms “mercantilism” and “feudalism.” 5. According to lecture, how did the merchants benefit from the system of mercantilism? How did government benefit from the merchants? 6. Define “capitalism”. How did the focus of society change in the move from feudalism to capitalism? 7. List, and briefly explain, Adam Smith’s three laws of the market. 8. What is the “division of labor”? What are the benefits and costs associated with this approach to producing goods? 9.
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This note was uploaded on 09/21/2011 for the course ECON 33974 taught by Professor Barbaraross during the Spring '09 term at Hawaii.

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SG2historyF11 - ECON 1740 U.S. Economic History Study Guide...

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