Economics

Question 1

Scientific Revolution

Answer 1

A period beginning mid-1500s and ending around 1800 where humans started observing the world scientifically.

Question 2

Industrial Revolution

Answer 2

An evolution of machinery and industry that begain in the 1770s and ended in the 1900s.

Question 3

Steam Engine

Answer 3

An engine invented in 1775 that allowed trains and machines to become stronger.

Question 4

How did people react to the Industrial Revolution?

Answer 4

They moved from rural to urban areas for work, causing cities to grow.

Question 5

Telescopes

Answer 5

An invention from the 1600s that increased understanding of the universe. Proved Copernicus’s theory about the solar system.

Question 6

Microscope

Answer 6

Allowed scientists to examine cells and other microscopic things. Led to better treatments for illness.

Question 7

Law of Supply

Answer 7

As a price increases, demand drops and supply increases. As a price declines, demand rises and supply decreases.

Question 8

Income Taxes

Answer 8

Tax on money you earn, goes to federal and state treasury department.

Question 9

Progressive Tax

Answer 9

The more money you earn, the higher taxes you pay.

Question 10

Sales Tax

Answer 10

A tax you pay when you purchase something. A small percentage on top of the original price.

Question 11

Property Tax

Answer 11

A tax charged on land or buildings owned. Higher taxes the more valuable the property is.