SOSC 1520 Study Guide - Midterm Guide: Navigation Acts, Wage Labour, Protestant Work Ethic

• School: York University
• Department: Social Science
• Course: SOSC 1520
• Professor: Glenn Goshulak

Document Summary

Part one: definitions 6 marks (10%) each [five terms on exam] Command: command is one of the 3 basic solutions to the economic problem. Command solves the economic problem by imposing allocations of effort or reward by governing authority. Command can be a means for achieving rapid and far-reaching economic change. It can take extreme totalitarian or mild democratic form. The two principle institutions for allocation of tasks and resource are markets and states became the state belongs to the realm of politics and the market to the economy. Studying both is an integral part of political economy. Catholic church (feudalism): medieval economic life emerged from the catastrophic disorganization that followed the decline of roman law and order. It was characterized by a new form of organization called the manorial system, in which. Local lords were the centers of political, military, economic, and social power.