Ancient Egypt | Ancient Greece | Ancient Rome | Economic Terms & Concepts | Economic Impact & Government's Role |
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Nile
Ancient Egyptian civilization was centered around this river.
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Mediterranean Sea
Greece is made up of a peninsula and group of islands around this body of water.
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Aqueducts
This was the ancient Roman system of structures designed to bring water into the city.
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Consumers
Someone who buys goods and services are known as
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Tax
A portion of money that is taken by the government to pay for government services.
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Sahara
Egypt is surrounded by this desert.
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Sailors
The mountainous and rocky land was not suitable for farming, so the ancient Greeks became excellent ____.
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Republic
Initially, ancient Rome had this form of government with written laws, a constitution, and balance of powers. It's leaders were elected officials that served for a limited amount of time.
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Natural Resources
This type of resource are things found in and on the Earth and are usually limited.
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Monopoly
This occurs when one company gains exclusive control of the production of a product or service and eliminates all its competition for a product.
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Hieroglyphics
This was the ancient Egyptian system of writing using symbols.
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City-states.
Ancient Greece was not a unified country, instead ancient Greeks lived in separate and independent provinces known as this.
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Julius Caesar
In 45 BC this man took over the Roman Republic and made himself the supreme dictator.
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Supply & Demand
A market economy is based on these two concepts.
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Recession
This happens when the economy stops growing and national GDP gets smaller for two quarters in a row.
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Mummified and buried in a tomb/pyramid
What two things happened to a Pharaoh's body after he/she died?
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Democracy
Athens was known for this type of government where all citizens chose their leaders and made new laws.
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Caesar Augustus
In 27 BC this man became the first Roman Emperor and started the Roman Empire.
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Scarcity
This happens when there is not enough of something consumers want. (ex. some stores experience this when they sell out of an item)
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Command or planned economy
In this type of economic system, the government controls all aspects of the economy- what goods are manufactured, the price they will be sold, and who gets the profits.
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The Rosetta Stone
This was used to translate ancient Egyptian hieroglyphics.
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Sparta
This Greek city-state was known for its powerful army and defeated Athens in the Peloponnesian War.
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The Dark Ages
In 476 AD the Roman Empire fell to Germanic barbarian invasions. This led to the spread of barbarism across most of Europe for the next 500 years which referred to as _______
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Opportunity Cost
What you give up in order to get something else is known as _______. (ex. choose between a soda and an ice cream...I choose soda, so my _____ _____ is the ice cream).
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Adam Smith
This man is credited with developing the theory of the free market system and the concept of the "invisible hand" that guides the economy without the need for government involvement.
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