The Emergence of Trade and the Evolution of Markets (Grade 10 NSC Matric Economics): Flashcards
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Practise the cards
10 cards from this deck
Characteristic of traditional societies
Characteristic of traditional societies
Self-sufficient, relied on agriculture
What enabled surplus production
What enabled surplus production
Specialisation
Definition of surplus
Definition of surplus
Excess goods that could be exchanged with others
Where cities typically developed
Where cities typically developed
Near river crossings or safe harbours
What guilds were
What guilds were
Worker associations that challenged ruling classes
Period of mercantile laws development
Period of mercantile laws development
1500-1889
Period of European colonialism
Period of European colonialism
1500-1900
When industrialisation began
When industrialisation began
18th century
What replaced bartering
What replaced bartering
Money as a medium of exchange
How banks earn profit
How banks earn profit
Difference between interest paid to savers & charged to borrowers