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STUDY GUIDE FOR EXAM # 2, ECON 120, TO BE GIVEN ON THURSDAY, MARCH 14TH, 2002.

# Exam will cover Heilbroner & Milberg,  ch. 3 - 6 & class material since last quiz.

# You will be asked to define some or all of these framework terms:

    # Aristotle's six forms of government;
    # 10 major sectors of any economy, past or present;
    # capitalism, socialism, communism;
        # bourgeoisie (urban/rural), proletariat (urban/rural);
    # mercantilism;
    # republic
 

Most of the exam will consist of mini-essay questions drawn mainly from the questions below.  You will not have to answer all
of these questions: you will be able to select from this list. The issues below are drawn from Heilbroner's text and from class
notes.
 
 

HEILBRONER, CHAPTER 3

# The major events that transformed Western Europe from manorialism to market society.

# The connection between Calvinism and the rise of capitalism.

# What caused the breakdown of European manorialism between 1200 and 1600?
 
 

# Discuss the enclosure movement in England between 1400 and 1900?

# Discuss Adam Smith's pinmaker? Main lessons?
 
 

CHAPTER 4

# Discuss the major reasons the Industrial Revolution began first in Great Britain.

# What is capital? Why is it important? Relationship to productivity and a country's wealth?

# What is productivity?

# What is the key to making human labor vastly more productive?
 
 

# You are an advisor to the president of a poor third-world country. Over 90 % of the population are poor subsistence farmers
with primitive farm tools. The president seeks your advice on what he must do to greatly increase his country's wealth.  Briefly,
what would you urge him to do?

# What is the relationship between savings and investment?

# Why do poor countries usually have a very low economic growth rate?
 
 
 

CHAPTER 5 & RECENT CLASS NOTES

# What was the Industrial Revolution?

# Discuss one of the most important inventions of the Industrial Revolution, namely the steam engine. Discuss its evolution from
Heron of Alexandria, through Newcomen and Watt to Oliver Evans. How did steam engines revolutionize the 19th century?

# Discuss the early industrial revolution in the U.S., namely the evolution of the early textile industry between 1790 and 1825?

# Between 1800 and 1900, the United States underwent an enormous transformation, from an agrarian society of mainly small
farms and small shops to an industrial society dominated by large corporations. Discuss a few major factors that played an
important role in triggering this transformation.
 
 

# Discuss Henry Ford's major contribution to methods of manufacturing.

# Briefly discuss the life of Andrew Carnegie?

# Briefly discuss the life of John D. Rockefeller?;

# What motivated the wave of business mergers from 1896-1910? Was there something about the character of late 19th
century manufacturing companies that made such mergers necessary?
 
 

CHAPTER 6 AND CLASS NOTES

# Discuss at least three major causes of the Great Depression.

# According to the British economist John Maynard Keynes, what was the most vulnerable
sector of the American economy in 1929, a sector whose nearly total collapse brought about the prolonged Depression of the
1930s?  Discuss.

# Discuss the Market Revolution in the U.S. How did the life of a typical farmer in western NY state change between 1800
and 1840?  How did life of typical urban craftsman change over the same period?