Economic Growth

Question 1

Nomadic

Answer 1

when people move from place to place for food, water pasture

Question 2

Barter

Answer 2

method of trading by which a commodity is exchanged for another commodity

Question 3

Guild

Answer 3

association of people with similar interest

Question 4

mercantile law

Answer 4

mercantile law that governs commercial transactions

Question 5

communism

Answer 5

the political and economic system of social organisation based on shared ownership of property and factors of production

Question 6

capitilism

Answer 6

economic system in which private individuals and businesses produce and exchange goods and services by means of prices and markets

Question 7

central planned economic system

Answer 7

system where the government plans what will be produced with the available resources and how goods and services will be distributed

Question 8

mixed economic system

Answer 8

system which features both capitalism and socialism

Question 9

mechanization

Answer 9

use of machines to do the work of animals and people

Question 10

public finance

Answer 10

the branch of economics that deals with the government revenue and expenditure and administration of these revenues and expenditure

Question 11

poll taxes

Answer 11

taxes levied per head of adult population

Question 12

labour specialization leads to what?

Answer 12

increased outputs

Question 13

how did specialization lead to the evolution of different markets

Answer 13

through specialization and division of labour, guilds where enabled to produce surpluses, which led to evolution of different markets

Question 14

what major developments were seen in the first industrial revolution

Answer 14

first industrial revolution saw development in mechanization through steam and water power

Question 15

what major developments were seen in the 2nd industrial revolution

Answer 15

electricity and internal combustion

Question 16

what major developments were seen in the 3rd industrial revolution

Answer 16

computing` and communications technologies destroying distance and costs barriers

Question 17

what major developments were seen in the 4th revolution

Answer 17

AI, Robotics, 3D printing and other digital capabilities

Question 18

3 reasons people save

Answer 18

results to capital formation and investments
earn interests through savings
loans can be aqured through saving

Question 19

3 reasons nation should be encouraged to save

Answer 19

major input in capital growth
without capital formation, no economic growth
no economic growth=no development

Question 20

4 forms of saving

Answer 20

corporate
household
government
foreign

Question 21

traditional system

Answer 21

consumers were also producers

Question 22

Manorialism

Answer 22

each village was self sufficient and produced what officials decided

Question 23

Feudalism

Answer 23

a social, military and political system based on the exchange of land by the king

Question 24

Mercantilism

Answer 24

major trading nations based their economies on state interference for prosperity,wealth and power

Question 25

Communism

Answer 25

state plan and controls economy

Question 26

Capitilsm

Answer 26

private and gov own factors of production

Question 27

public finance

Answer 27

concerned with gov revenues and gov expenditure s and deals with financial management

Question 28

Economic policy

Answer 28

strategies adopted by the gov to manage the economy as means of achieving its objectives