Economic and Societal Transformations in Global History Quiz

While the French Revolution was a significant historical event, the Industrial Revolution typically traces its origins to the late 18th century in Britain, marked by advancements in manufacturing, technology, and transportation.

The Industrial Revolution denotes the transition from agrarian economies to industrialized ones, marked by technological advancements, increased production efficiency, and urbanization.

The Triangle Trade, also known as the Transatlantic Slave Trade, connected Europe, Africa, and the Americas, involving the exchange of goods, slaves, and raw materials during the Age of Exploration.

Florence, a city-state in Italy, was a prominent center for banking, trade, and cultural innovation during the Renaissance, home to influential figures like the Medici family and renowned artists like Leonardo da Vinci.

Adam Smith, a Scottish economist, authored 'The Wealth of Nations,' advocating for free markets and laying the groundwork for classical economics.

Capitalism is an economic system based on private ownership of the means of production and the operation of markets with limited government intervention.

Laissez-faire economics advocates for minimal government interference in the economy, allowing markets to operate freely based on supply and demand.

Gross Domestic Product (GDP) measures the total value of all goods and services produced within a country's borders over a specified period, serving as an indicator of economic performance.

Inflation refers to the sustained increase in the general price level of goods and services in an economy over a period of time, leading to a decrease in purchasing power.

The Renaissance, characterized by a revival of art, literature, and learning, occurred primarily in the 14th to 17th centuries, with its peak in the 16th century.

The United Nations (UN) was founded in 1945 after World War II to maintain international peace and security, foster cooperation in solving economic, social, and humanitarian issues.

Karl Polanyi, an economic historian, authored 'The Great Transformation,' analyzing the social and economic impacts of the Industrial Revolution and market capitalism.

The Silk Road, a network of trade routes, flourished primarily from the 2nd century BCE to the 14th century CE, facilitating trade and cultural exchange between Asia, Africa, and Europe.

David Ricardo, a British economist, introduced the theory of comparative advantage, arguing that countries benefit from specializing in producing goods they can produce at a lower opportunity cost compared to other countries.