Gabriel Heaton S00712052 9/7/2012 BUS 1050-011 The Economic Revolution Vocabulary 1. Metier ~ A professions field of work. 2.

Authoritatian ~ total submission to a higher authority 3. monetary ~ the money of another country. 4. usury ~ lending money in the hopes of getting more in return 5. disrepute ~ not being favorable of something 6. propensities ~ a tendency that comes naturally 7. salability ~ A condition that is acceptable to sell. 8. impetus ~ a moving force that affects things. 9. paternalism ~ the system in which to manage a business. 10. submarginal ~ near or below the margin Who: This was written by American Economist Robert Heilbroner. He earned a Ph.D in Economics from the New School for Social Research, he also served in the United States Army during World War 2. Hes the author of about 20 different books his most famous is the book The Worldy Philosphers, this book included a survey of the lives of the most famous Economists. He even came up with a way to classify economies, this man was extremely smart, and we should listen to what he has to say. What: This Text explains in great detail the history of the Economy and how old economics relied mainly on tradition, and doing exactly what your father did. It also helps the claim that Rome fell because of Christianity, because the Christian Religion forbid its members from becoming merchants, which would destroy an economy.Robert Heilbroner does a good job of conveying the transition of the basis of economic thought. It started out traditional, then after Christopher Columbus found America a new school of thought that commerce was the great source to a nations vitality. When: It was written in 1953 after World War 2, during a time of great financial and economic ideas. Where: It was written in the United States, in New York after World War 2.

Why: This Article relates to Business, because it talks about economics and economic thought. Without a thorough understanding of modern and past economics, you have no concept of the business playing field. You need to know whats acceptable and unacceptable in the economy. How: I liked this Article but it was pretty hard to stay focused and understand the concepts just because the style of writing was different then what I was used too. It made me more interested in modern economics and it made me want to learn more about where are economics are today.

1. They can infer based on the history of evolution, that humans came from monkeys who lived in the trees 2. 3. Because he is socially cooperative. Cooperation is more conducive to survival to a species.

4. Because without Social Responsibility, economies go no where, but you also need profit seeking people to make people become more innovative. 5. Because of the complexity of modern society, a small change could lead to social madness. 6. a. Man has passed down traditions and necessary tasks from generation to generation the son follows the fathers example. b. Man has used authoritarian rule to get stuff done, and to make sure every man does there job. c. Man decided to let each individual decide what they wanted to do, but all following the same guidelines, known as the market system 7. In ancient Egypt, man was bound by religion to follow the tradition of his father, It was sin to change your occupation 8. In egypt they used authoritarian rule to build the pyramids.

9. Every man did what was best to his financial advantage, the interplay of each man against each other pulls the society along. 10. The Interplay of each man against each other pulls the society together and moves it forward 11. Because during the time of custom and command, the thought of Market Economics was sinful and unthinkable. It was a really big change and revolution to change to that kind of society. 12. It was viewed as a sinful, and you should just be happy for what you have.

13. They didnt even have the means to get a market system up and running, not enough land or product. 14 It started to view it as a good thing, they started accepting it more, and realizing it was a good thing. 15. The Renaissance let all these Merchants, Traders, and Bankers to come out and really make a living for themselves, and too start trade with other nations. 16 The Relationship between business, trade and political freedom... There all connected in a big way, trade with other countries leads to better business and more production, and that wouldnt be possible without the political freedom to trade. 17. The Market System, because without labor you cant maintain the land, and without maintaining the land you cant receive capital for your work and your products, there all related in a little way. 18. Process where lands are taken from there owners and the use of the land becomes restricted to the owner to make way for other farmers. 19. People are moving away from thinking that gaining profit is evil, and moving towards material things and ordinary comforts as every day life, instead of thinking that what you have is good enough. 20. Technology boosted the Economic Revolution, by making better and faster ways to produce things and to mass produce things. 21. So they can make more profit by making the poor be ok with small wages.

22. Because he is the father of Captilism, and he basically ended the Traditional Age Completely.