Unit 2 - Economics

Question 1

The Renaissance

Answer 1

When Greeks were brought to Europe they were taught humanism- reason, secular learning and shaping one’s own destiny.
emphasized individualism, human potential, and intellectual freedom by encouraging personal achievement, self expression, and pursuit of knowledge.

Question 2

Protestant Reformation

Answer 2

challenged church authority by promoting personal interpretation of faith.
laid foundation for modern liberalism by balancing individualism & collectivism

Question 3

industrial revolution

Answer 3

Tech advancements, urbanization, and economic shift. Promoted liberal values like individual opportunity, free markets, and social mobility.
Led to inequality which resulted in advocation for social reform

Question 4

18th century enlightenment

Answer 4

emphasized reason, individualism and freedom key thinkers, advocated for democracy, human rights, and secularism.
-personal liberty, equality, rule of law

Question 5

American Revolution

Answer 5

Rejected British rule, emphasizing freedom, democracy, and equality.
Led to the US Constitution

Question 6

French Revolution

Answer 6

third estate revolted leading to the reign of terror, driven by violence, demanding reform.
produced declaration of the rights of man and citizen, which affirmed individual freedom and inequality.

Question 7

classical liberalism

Answer 7

Stresses the importance of rationality. Relies on the choices that rational individuals make self interest.
Light gov. intervention- rule of law competition, self interest, private property

Question 8

stagflation

Answer 8

Where stagnation and higher inflation occur at the same time

Question 9

Marxism

Answer 9

radical form of socialism often called scientific socialism or communism.

Question 10

liberalism

Answer 10

Political and economical philosophy that emphasizes individual rights, freedoms, and equality

Question 11

Luddism

Answer 11

protest movement against industrialization where protesters broke into factories and destroyed machines

Question 12

laissez-faire

Answer 12

economic theory that supports free markets and an individuals right to own private property without any government interference

Question 13

Feminism

Answer 13

Believe in the social political and economic equality of the sexes

Question 14

welfare capitalism

Answer 14

A state in which the economy is capitalist, but uses policies that modify the market in order to ensure economic stability and standard of living through social programs

Question 15

Rule of law

Answer 15

principle and liberal democracy, where every one is equal before the law and all citizens are subject to the law