Free Printable Worksheets for learning Economic History at the College level

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Economic History

Economic history refers to the study of historical economic phenomena and their evolution over time. It seeks to understand how economic systems and institutions have changed, and how they have shaped the development of societies and nations.

Key Concepts

  • Economic systems: The ways in which societies organize the production, distribution, and consumption of goods and services.
  • Institutions: Formal and informal rules that shape economic behavior, such as property rights, contracts, and social norms.
  • Growth: The increase in the production of goods and services, accompanied by rising incomes and standards of living.
  • Development: The improvement in social and economic well-being, including measures such as education, health, and poverty reduction.
  • Globalization: The integration of economies and societies through trade, investment, and migration.

Important Information

  • Economic history can provide insights into current economic issues and policy debates, such as the causes and consequences of economic inequality, the role of government in promoting economic development, and the effects of globalization on national economies and cultures.
  • Economic historians use a variety of methods, including quantitative analysis, case studies, and comparative analysis across time and place.
  • Economic history has contributed to the development of economic theories and models, such as the study of economic growth and the role of institutions in economic development.
  • Understanding the economic history of a country or region is essential for formulating effective economic policies and strategies, as it helps to identify the underlying structural factors that affect economic performance.

Takeaways

  • Economic history is the study of economic systems and institutions over time.
  • Key concepts include economic systems, institutions, growth, development, and globalization.
  • Economic history can provide insights into current issues and policy debates.
  • Economic historians use a variety of methods to study the past.
  • Economic history has informed economic theories and models.
  • Understanding economic history is important for formulating effective economic policies and strategies.

Here's some sample Economic History vocabulary lists Sign in to generate your own vocabulary list worksheet.

Word Definition
Barter The exchange of goods and services for other goods and services without the use of money.
Capitalism An economic system characterized by private ownership of the means of production and distribution of goods and services for profit in a competitive market.
Command Economy An economic system in which the government makes all the decisions regarding the production and distribution of goods and services.
Depression A significant and long-lasting decline in economic activity, characterized by a decrease in GDP, employment, income, and trade, and an increase in bankruptcies.
Inflation A general increase in prices and fall in the purchasing value of money.
Laissez-faire An economic theory advocating for minimal government intervention in the economy, allowing the market to regulate itself.
Mercantilism An economic policy that emphasizes exporting more than importing and accumulating gold and silver as a means of increasing a nation's wealth and power.
Monopoly A market structure characterized by a single seller dominating an entire market, often leading to higher prices and lower outputs.
Protectionism An economic policy that restricts or hinders international trade in an attempt to protect domestic industries and jobs.
Recession A slowdown in economic activity that is shorter and less severe than a depression, characterized by a decrease in GDP, employment, income, and trade.
Supply and Demand An economic model that describes how prices are set in a market, in which the quantity of goods and services demanded by buyers equals the quantity supplied by sellers.
Tariff A tax on imported goods and services, often used to protect domestic industries and jobs.
Trade The exchange of goods and services between individuals, businesses, and/or governments, often resulting in economic growth and interdependence.
Capital The total amount of money or assets invested in a business or economy, often used as a measure of economic growth and development.
Division of Labor The separation of tasks or duties among individuals, often resulting in increased efficiency and production levels in a business or economy.
Exchange Rate The value of one currency in relation to another currency, often fluctuating based on supply and demand in international trade.
Gross Domestic Product (GDP) The total value of goods and services produced within a country's borders in a specific time period, often used as a measure of economic growth and well-being.
Interest The cost of borrowing money, often expressed as a percentage of the total amount borrowed.
Investment The act of committing resources, such as money or time, to a project or business with the expectation of receiving a profit in return.
Market economy An economic system in which the production and distribution of goods and services are determined by the demand and supply behavior in a free market.
Subsidy A financial assistance given by the government or other authority to support a particular activity or business.

Here's some sample Economic History study guides Sign in to generate your own study guide worksheet.

Economic History Study Guide

Introduction

Economic history is a branch of history that deals with studying the economic processes, systems, and relationships of the past. This study guide is aimed at helping college students navigate the complexities of economic history and is structured as follows:

Why Study Economic History?

Studying economic history helps us to understand the origins and development of various economic systems, institutions, and policies. It also helps us understand how they have shaped the world as we know it today.

Key Concepts

Understanding the key concepts of economic history is essential. These concepts include:

Mercantilism

This is an economic theory that advocates for a nation or an individual to accumulate wealth, mainly through the accumulation of reserves of valuable commodities such as gold and silver.

Capitalism

Capitalism is an economic system in which trade, industry, and the means of production are largely or entirely privately owned, and production and prices are determined by supply and demand.

Key Events in Economic History

Several events have shaped the course of economic history. These events include:

The Industrial Revolution

This was a period of significant industrialization, which began in Britain in the late 18th century and later spread to other parts of the world. The industrial revolution marked a shift from manual labor to machine-based production, leading to increased efficiency and output.

The Great Depression

The Great Depression was a severe economic downturn that lasted from 1929 to 1939, affecting many countries worldwide. It caused massive job losses, stock market crashes, and widespread poverty.

Key Figures in Economic History

Several personalities have made significant contributions to the subject of economic history. These include:

Adam Smith

Adam Smith is regarded as the founder of modern economics. His book 'The Wealth of Nations' published in 1776, laid the foundations of classical free-market economic theory.

John Maynard Keynes

Keynes was a British economist whose ideas challenged the classical economic theory. He advocated for government intervention in the economy to stimulate investment, demand and overall growth during times of economic downturn.

Conclusion

Economic history is a fascinating subject that explores how economies have evolved over time. To fully understand it, students must develop a good grasp of the key concepts, events, and figures that have influenced it. This study guide is a starting point to achieving that understanding.

Here's some sample Economic History practice sheets Sign in to generate your own practice sheet worksheet.

Practice Sheet: Economic History

  1. What was the impact of the Industrial Revolution on the global economy?

  2. Discuss the role of the agricultural sector in the economies of early civilizations.

  3. How did the growth of colonialism impact the economies of Europe?

  4. Describe the impact of the Great Depression on the world economy.

  5. How did the world economy change after World War II?

  6. What were the economic policies of the Reagan administration in the United States?

  7. What were the key causes of the global financial crisis of 2008?

  8. Contrast the economic policies of Franklin D. Roosevelt and Herbert Hoover during the Great Depression.

  9. What was the role of trade in the development of the world economy during the 20th century?

  10. Compare and contrast the approaches to economic policy taken by the United States and European Union.

Practice Sheet for Economic History

Questions

  1. What were the key factors that led to the Industrial Revolution in Britain?
  2. How did the rise of the British Empire affect the global economy?
  3. What were the consequences of the Great Depression in the 1930s?
  4. What were the key components of mercantilism?
  5. How did the enclosure movement in Britain affect the agricultural sector?
  6. What were the main causes of the 2008 financial crisis?
  7. How did the slave trade shape the global economy?
  8. What were the key differences between the economic policies of the United States and the Soviet Union during the Cold War?
  9. How did the invention of the steam engine revolutionize the transportation industry?
  10. What were the main effects of the Great Recession of 2007-2009?

Problems

  1. Analyze the impact of the invention of the steam engine on the industrialization of Britain.
  2. Analyze the economic effects of the enclosure movement in Britain.
  3. Analyze the effects of the slave trade on the global economy.
  4. Analyze the economic consequences of the Great Depression in the 1930s.
  5. Analyze the economic differences between the United States and the Soviet Union during the Cold War.
  6. Analyze the economic effects of the 2008 financial crisis.
  7. Analyze the economic effects of the Great Recession of 2007-2009.
  8. Analyze the impact of the rise of the British Empire on the global economy.
  9. Analyze the key components of mercantilism and their effects on the global economy.
  10. Analyze the impact of the Industrial Revolution on the global economy.

Economic History Practice Sheet

  1. What is the definition of mercantilism?
  2. What are the key features of the industrial revolution?
  3. Describe the economic impact of colonization on the Americas.
  4. How did the Great Depression of the 1930s affect the global economy?
  5. What role did technology play in the expansion of the global economy?
  6. How did the Bretton Woods system shape the post-World War II economic landscape?
  7. What is the difference between a command economy and a market economy?
  8. What is the difference between a developed country and a developing country?
  9. What is the role of international trade in economic growth?
  10. How does globalization affect economic development?

Here's some sample Economic History quizzes Sign in to generate your own quiz worksheet.

Problem Answer
What was the main factor that led to the rise of capitalism? The Protestant Reformation and the growth of Protestantism.
Name one result of the enclosure movement in England. Conversion of small farms into large, commercial farms
What is the significance of Adam Smith's book The Wealth of Nations? It is considered to be the first modern work of economics and is a foundational text for classical economics.
What was the main cause of the Great Depression? A combination of an economic bubble in the stock market, overproduction in industry, and the stock market crash of 1929.
What was the purpose of the Marshall Plan? To help rebuild the economies of Europe after World War II.
Who were the main economic rivals during the Cold War? The United States (capitalist) and the Soviet Union (communist).
What was the main cause of the post-World War II economic boom in the United States? Increased consumption due to the rise of the middle class, government spending on infrastructure, and technological advances.
What is the difference between Keynesian economics and classical economics? Keynesian economics believes in government intervention to stabilize the economy, while classical economics believes in laissez-faire, free-market capitalism.
What is the significance of the Bretton Woods Agreement? It established a system of fixed exchange rates and created the International Monetary Fund and the World Bank.
What is the tragedy of the commons? The depletion or degradation of a shared resource due to individual self-interest and lack of coordination.
Question Answer
What is mercantilism? Mercantilism is an economic system that was popular in Europe during the 16th to 18th centuries. It is based on the idea that a country should export more goods than it imports and accumulate a surplus of gold and silver.
What is the enclosure movement? The enclosure movement was a period of land consolidation in England that began in the 15th century and lasted until the 19th century. It involved the fencing off of large tracts of land and the eviction of small farmers and tenants.
What is the Industrial Revolution? The Industrial Revolution was a period of rapid economic and technological change that began in Britain in the late 18th century and spread to other countries in Europe and North America. It was marked by the introduction of new technologies, new forms of production, and new forms of social organization.
What is the Corn Laws? The Corn Laws were a series of laws passed in the United Kingdom in the 19th century that sought to protect British farmers from foreign competition by imposing tariffs on imported grain.
What is the Gold Standard? The Gold Standard was a system of currency exchange that was used in the 19th and early 20th centuries. Under the Gold Standard, a country's currency was backed by gold and could be exchanged for a fixed amount of gold.
What is the Great Depression? The Great Depression was a period of economic decline that began in the United States in 1929 and spread to other countries. It was marked by high unemployment, falling prices, and decreased production.
What is the Bretton Woods Agreement? The Bretton Woods Agreement was a system of international monetary and financial cooperation that was established in 1944. It established the International Monetary Fund and the World Bank, which were designed to promote international economic cooperation.
What is the Marshall Plan? The Marshall Plan was a program of economic aid to European countries that was proposed by the United States in 1947. It provided financial assistance to help European countries rebuild their economies after World War II.
What is the General Agreement on Tariffs and Trade (GATT)? The General Agreement on Tariffs and Trade (GATT) was an international agreement that was signed in 1947. It sought to reduce tariffs and other barriers to international trade.
Questions Answers
What is the name of the economic theory that states that the market price of a good or service is determined by the interaction of supply and demand? Supply and Demand
What is the name of the economic theory that states that the government should intervene in the economy to promote economic growth and stability? Keynesian Economics
What is the name of the economic theory that states that people act in their own self-interest? Rational Choice Theory
What is the name of the economic theory that states that goods and services should be produced and distributed based on need? Socialism
What is the name of the economic theory that states that the economy is best served when individuals and businesses are free to pursue their own economic interests? Capitalism
What is the name of the economic theory that states that the government should provide a safety net for citizens who are unable to provide for themselves? Social Welfare
What is the name of the economic theory that states that the government should regulate the economy in order to promote economic stability? Monetary Policy
What is the name of the economic theory that states that the government should intervene in the economy to correct market failures? Market Intervention
What is the name of the economic theory that states that the government should promote economic growth by encouraging investment? Fiscal Policy
What is the name of the economic theory that states that economic decisions should be made based on the long-term consequences of those decisions? Sustainable Development
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