question

Be able to define capitalism; most importantly, know the KEY element of that definition that makes capitalism unique

answer

Capitalism is the economic, social, political, and geographic system characterized by the private ownership of the economic means of production—the key component is PRIVATE OWNERSHIP

question

Know and be able to briefly define the fundamental institution in capitalism

answer

The market, where buyers and sellers interact through supply and demand on the basis of price

question

Know what the guiding force is in the capitalist market

answer

Profit: which is the difference between revenue and cost

question

Be able to generally describe who are the "survivors" in a competitive market economy

answer

The most efficient producers are the survivors

question

Be able to distinguish between the definitions of gross domestic product (GDP) and gross national product (GNP)

answer

GDP: the sum of the value of goods and services produced in a given country in one year. GNP: includes the value of activities of domestic companies in other countries as well

question

Know what figure is often used as the key measure in determining standard of living around the globe; know how this figure is calculated.

answer

Per Capita GDP: GDP divided by population

question

Be able to define laissez-faire capitalism

answer

Free markets without government intervention

question

Be able to explain the concept of relative distance and how globalization is impacting it presently

answer

Relative distance: the time it takes us to communicate between places. The globalization of our economy has shrunk our relative distance on the planet

question

Be able to broadly define which groups of countries were classified as First World, Second World, and Third World countries in that international economic order

answer

First World: US, Canada, Australia, Japan, Europe Second World: Soviet Union and communist allies Third World: Mexico, South America, Africa, South Asia, Cuba, Greenland

question

Be able to broadly define core and periphery; be able to indicate which of the previous international economic order groups would fit into either classification.

answer

First World becomes the core and Third World become the periphery The Core: economic growth and strength; a leader, influencing other economies--Ex: US, Western Europe, Eastern China, Japan The Periphery: weaker, dependent on decisions made elsewhere--Ex: formally apart of the second world

question

Be able to identify the country or empire that was the dominant world power in the 1800s (hint: this was also the first one to industrialize)

answer

Britain

question

Know which national culture has been the dominant one in the globalization of culture (meaning which culture's aspects and products are most represented in that process)

answer

The U.S.

question

Be able to explain in broad terms how telecommunications access often coincides with manifestations of wealth

answer

telecommunications require technology and infrastructure, which is a manifestation of wealth

question

Be able to define transnational corporation and explain the role they play in the globalization of the economy.

answer

Transnational corporation: is a corporation that manages production or delivers services in more than one country ; The role in globalization: They are able to provide goods and services at a reasonable cost to the poorest people in the poorest countries. Many local businesses and economies suffer because they cannot compete with the prices TNCs are able to offer.

question

Know the general category of countries in which transnational corporations are headquartered.

answer

While global in reach, these corporations' home bases are concentrated in the Northern industrialized countries, where ninety percent of all transnationals are based. More than half come from just five nations: France, Germany, the Netherlands, Japan and the United States.

question

Be able to explain the general purpose of development; know the two critical issues that must be considered when studying development.

answer

The purpose of development is to improve people's standard of living or "quality of life". Two issues: 1. Environmental constraints: developing world destroys the environment in order to stay alive. Developed world destroys the environment because of consumerism. 2. Disparities of Wealth and Well-Being: Poverty is more concentrated in the developing world, but it is everywhere.

question

know the general lifestyle human beings havevlived for about 95% of our existence on Earth.

answer

feudalism

question

Be able to generally describe the nature of feudalism in Europe, including the atmosphere it created toward change, and people's outlook on life and potential socioeconomic progress.

answer

wascthe dominant form of social and economic relations in Europe. Quite stable, highly conservative system. An environment that discouraged experimentation and innovation; What you were born into was where you belong: progress was inconceivable.

question

Know which organization was the dominant political/ideological institution in feudal Europe (BE SPECIFIC).

answer

the Catholic church with the Pope being the head and holding most of the wealth. Preachers served as judges, teachers, etc, and were often the only literate members of the society: they had control of information and communication. Corruption within the church, papacy.

question

Know the name of the major trade route that brought innovations to feudal Europe from Arabia, India, and China.

answer

The Silk Road

question

Know the name of the disease that wiped out a quarter of Europe's population in just 4 years in the mid-1300s; be able to generally describe how some believe this epidemic helped bring an end to feudalism in Europe.

answer

The Bubonic plague or "Black Death". When the serfs died, the foundation on which feudalism relied upon was broken. The pyramid of power broke. Serfs were free to leave the lands of the lords to seek higher wages with the vast labour shortages. The land that had usually been the primary source of wealth was now worthless. As Europe evolved away from relying on land as the main source of prosperity, a rising middle-class claimed more and more wealth and prestige, as the once-noble began to quickly lose both.

question

Know where capitalism in Europe is thought to have originated.

answer

Born in the northern Italian city states of Venice, genoa, Pisa, and Florence

question

Know the group that, having been the middle class in feudal Europe, became the ruling class under capitalism; know which feudal group became the working class in capitalism.

answer

Merchant class became the ruling class; Peasants and serfs became the working class

question

Know what industry was born due to money becoming the standardized measure of value in capitalist Europe.

answer

Financial Industry

question

Know the invention that brought literacy (or the possibility of it) to the masses after its invention in 1450.

answer

The printing press

question

Know the event that significantly diminished the power of the Catholic Church by de-emphasizing the role of priests as intermediaries in one's relationship with God.

answer

The Protestant Reformation

question

Know the peace treaty (signed in 1648) that legitimized the nation-state as the primary unit of international relations and law.

answer

The Peace of Westphalia

question

Be able to compare and contrast animate sources of energy and inanimate sources of energy; be able to explain the general early progression of the inanimate sources.

answer

Animate: human and animal muscle power (Pre-Industrial; mercantilism; labor-intensive); Inanimate: energy from non-living sources (Industrial; complex process of inputs, outputs, and technologies)--Ex: 1. Hydraulic power, 2. Steam power (wood burning), 3. Steam power (coal burning), Later joined by petroleum and natural gas as fuel sources

question

Be able to define productivity and explain how increasing productivity has historically affected wages paid to labor.

answer

Productivity: the level of output generated by a given volume of inputs

question

Be able to generally explain the progression of the dominant industries in the Kondratiev waves through the Industrial Revolution.

answer

1. Textiles - first manufacture present, easy industry to enter, few capital requirements—machine is inexpensive, labor is not extensive 2. Heavy Industry - massive capital investments, more expensive, more labor intensive, difficult to enter market 3. Heavy Industry II - massive technological change, capital requirements more intensive, introduction of economic change, local markets give away to national markets 4. Petrochemicals/Automobiles 5. Electronics/Information Technology - growth of service sector

question

Be able to explain what the creation of the industrial working class made into a commodity (hint: think about how we typically get paid in terms of wages).

answer

Commoditization of time—your time can be bought or sold; time = money

question

Be able to compare and contrast the attitudes of early industrializers versus those of the later industrializers in regard to government intervention in the economy.

answer

Early industrializers are the British and US who have the attitude of government keep their hands off—if we didn't need government help then we don't need it now; Later industrializers, Japan and Germany, have a much more favorable view of government help, symbiotic relationship, government and economy help each other out

question

Know the time periods and some of the major participants of the two major waves of imperialism.

answer

Age of Exploration Overseas Empires (1400s - early 1800s) Major players: Spain, Portugal, Britain, France, Netherlands, Most important are the Spanish and Portuguese; Post-Napoleonic Wars Overseas Commercial Empires (post-1815 - late 20th century) Major players: U.S., Germany, Italy, Japan

question

Know what economic sector (or group of activities) the Europeans developed in their colonies.

answer

the primary sector where they extracted raw materials such as agriculture, mining, forestry, and fishing

question

Know what country showed the rest of the world that industrialization and imperialism was not just something Europeans could do.

answer

Japan

question

Know the approximate amount of people Earth could support if we were all hunter-gatherers.

answer

50 million people

question

Know how population density is calculated; be able to explain how it can be deceiving, especially using the country we gave as an example of this deception.

answer

Population density: people per unit area deceitful: egypt (205 ppl/sq. mi.), but most of the population live on 4% of land

question

Know what continent has the highest rates of population growth currently.

answer

Africa

question

Be able to calculate doubling time.

answer

Divide 70 by the growth rate--Example: 1.2% growth rate. 70/1.2 = 58 years

question

Be able to differentiate between natural growth rate (NGR) and net migration rate (NMR).

answer

NGR: Natural growth represents the births and deaths in a country's population and does not take into account migration (Births - Deaths); NMR: The difference between the number of migrants entering and those leaving a country in a year, per 1,000 midyear population. (In-Migration - Out-Migration)

question

Be able to calculate growth rate or rate of natural increase using crude birth rates and crude death rates.

answer

Example: U.S. CBR = 14 ; U.S. CDR = 8 ; 14-8=6 ; 6/1000 = .006 or 0.6% growth rate

question

Be able to summarize Thomas Malthus's view of the consequences of population growth, particularly who he believed was at fault, why human beings reproduced, and the differences between the rate of population growth and the growth of food production.

answer

Consequences: he blamed the poverty in Britain's cities on population growth. Who's at fault: the poor, attributes population growth to social ills. Rate of population growth grew exponentially; growth of food production grew linearly

question

Know an example of a "preventative check" and a "positive check" to population growth in Malthusianism.

answer

Preventative Checks: contraception (which Malthus rejected on religious grounds), moral restraint/abstinence; Positive Checks: war, famine, disease, death

question

Know the 3 major problems that resulted in Malthus being proved wrong.

answer

1. He didn't foresee the impacts of the Industrial Revolution, 2. He didn't foresee the opening up of large grasslands in N. America, Argentina, and Australia, 3. The Industrial Revolution saw birth rates decline; fertility is socially constructed, not a biological inevitability

question

Know the key difference between Malthusians and Neo-Malthusians.

answer

The Neo-Malthusians did advocate birth control

question

Know why the developing world is going through a longer stage of "population explosion" than what Europe and North America experienced.

answer

In the developed world we made the technology and were used to how it worked; with the developing world we introduced the technology so it caught them all off guard—liberalization of women really made birth decline; introduction of technology

question

Be able to define dependency ratio.

answer

Dependency ratio = non working population divided by working population You want a 1:1.5 or 1:2 ; You do NOT want a 1:1 or 1.15:1

question

Be able to differentiate between push factors and pull factors using economic examples.

answer

Push factors: cause you to leave a place--Example: lose your job, natural disaster, environmental impact (crop failure) Pull factors: draw us to a particular area--Example: higher wages, cost of living, real estate, taxes

question

Be able to briefly explain Labor Migration Theory; also, be able to provide a few reasons why there is no equilibrium throughout the world in regard to wages according to the theory.

answer

Labor Migration Theory: The greater the difference between wages in A and B, the greater the amount of migration from the low-wage region to the high-wage region; Migration only happens if the wage difference exceeds the cost of migration. No Equilibrium: knowledge of opportunities isn't always available in low wage areas AND there are restrictions to movement

question

Know how migrants can contribute to the economies of the countries they migrated FROM.

answer

Remittances

question

Be able to give an example of a large intercontinental migration from the past.

answer

1. Slave trade-involuntary, 2. Europeans coming to North America in the 1800's—voluntary 3. Chinese going to SE Asia in 1980-1990s

question

Be able to explain the intrastate migration that has been going on in the United States over the past 50 years.

answer

Sun belt migration: people moving from the Northeast and Midwest to the South and West

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