Ninad Bhat
Phillip Ebbers
AP Euro, Period 6
Fill In Review Test: Economics
During the Renaissance, many Italian city-states were ruled by rich merchant aristocracies called (1) ______, which were formed by the merging of wealthy merchant families and the feudal nobility. They were tied together by blood and economic connections. Other city-states were controlled by powerful families such as the Medici, who gained power by controlling the (2)______. During the same time period in France, King Charles VII raised revenues to recover from the Hundred Years’ War through taxes such as the
(3) ______, a land tax, and the (4) ______, a tax on salt. These taxes became the main source of capital for the French government until the French Revolution.
The Spanish colonies were a major source of income for the monarchy, and in order to develop the land the conquistadores “employed” the Native Americans through the (5) ______, a legalized form of slavery. Many natives were also controlled through the system of (6) ______, a form of serfdom where plantation owners kept natives in bondage by advancing their pay. The natives were then forced to keep working until they had paid back the advanced pay through labor. However, many natives were killed by diseases the Europeans brought with them to South America. In order to compensate for this loss of labor the Europeans brought slaves from Africa, leading to the development of the
(7) ______. The new settlers of the colonies wanted comforts they had back in Europe to be with them in the New World as well. The resulting exchange of plants, animals, and diseases between Europe and the New World was known as the (8) ______. The Spanish government claimed the (9) ______, one-fifth of all precious metal mined in the Spanish South American colonies. Because of this, there was a huge flow of (10) ______from South America, where it was mined, to Spain. This precious metal became a major source of power for the Spanish state. However, this flow eventually caused a
(11) ______, or inflation, to occur in Spain and spread to all of Europe.
The development of absolutist governments throughout Europe led to major economic problems. In response to the economic hardship his people faced, French King Henry IV passed the (12) ______, an annual fee that royal officials had to pay to keep their positions hereditary. At the same time, peasants and the poor were facing economic difficulties and could not afford to pay the exorbitant prices that were put on goods. This led to the creation of a(13) ______, a system where community needs predominate over competition and desire for profit. King Louis XIV’s second Chief Minister Mazarin’s attempt to increase royal revenues led to the (14) ______, a series of uprisings led by the economically weakened and desperate peasants.
King Louis XIV’s financial minister, (15) ______, was a firm believer in the economic system known as (16______. By following this system he regulated the French economy and intervened in many industries. He also enacted high foreign (17) ______to prevent competition to domestic industries from foreign ones. The economic system promoted self-sufficiency and theorized that a country’s power came from its (18) ______.
Under Oliver Cromwell England passed the (19) ______, which required English goods to be transported on English ships and goods coming from other countries to be shipped on either English ships or ships of the country that they were found in. England’s main competitor was the Netherlands. The
(20) ______was a joint stock company that explored and set up trading posts for the Netherlands in the East Indies. This company’s western counterpart, the (21) ______set up trade posts in Africa and Latin America.
During the 18thcentury Europe underwent an (22) ______, a change in methods of food production, leading to more food to be available to people at cheaper prices. This was the result of the disadvantages of the (23) ______system, a system by which land was cut into strips for each family. Less farm workers were needed, leading to (24) ______. In urban areas merchant capitalists “put out” raw materials to cottage workers, who returned the finished products to the merchant to be sold. This system was called the
(25) ______or (26) ______industry, which was a precursor to the Industrial Revolution. These new production techniques slowly replaced
(27) ______, organizations that held rights to produce a certain good, which were previously the only way for a merchant to produce that product.
In 1776 (28) ______wrote The Wealth of Nations. He explained a new economic ideology called (29) ______, which believed in the
“(30)______of the free market” and called for less governmental regulation of the economy.He believed in the private ownership of industries.
This system was also known as economic liberalism or (31) ______, a French term meaning “to leave be” or “to let alone.”
During the French Revolution one of the National Assembly’s major reforms was the creationof a new paper currency, the (32) ______. One of the driving forces behind the Revolution was the (33) ______, the urban working class and traders, who faced many economic problems, including inflation and food shortages. In order to pacify the sans-culottes Maximilen Robespierre and the Committee of Public Safety established a (34) ______in which the government set maximum allowable prices for key products such as bread. AfterNapoleon’s coup d'étathe establishedthe (35) ______to help support and fund the French wars.
Answers
1) Oligarchies,
2) Banks.
3) Taille
4) Gabelle
5) Encomienda system
6) Debt peonage
7) Atlantic Slave Trade
8) Columbian Exchange
9) Quinto
10) Silver
11) Price revolution
12) Paulette
13) Moral economy
14) Fronde
15) Jean-Baptiste Colbert
16) Mercantilism
17) Tariffs
18) Gold supply.
19) Navigation Acts
20) Dutch East India Company
21) Dutch West India
22) Agricultural Revolution
23) Open field
24) Proletarianization
25) Putting-out system
26) Cottage
27) Urban guilds
28) Adam Smith
29) Capitalism
30) Invisible hand
31) laissez faire
32) Assignat
32) Sans-culottes
34) Planned
35) Bank of France