Ch 3

1. A "tributary" barter system can be best described as:

A trading system focussed on providing goods to a central authority.

2. Why is the ancient kingdom of Lydia so important to the history of money?

They invented the first coined money made of a mixture of gold and silver.

3. Which ancient kingdom created the first empire expansion based on the development of trade
and markets?

Greece

4. The most important clash of the economic system of tribute vs. that of markets occurred
between:

Persia and Greece

5. The market system of trade and commerce is based on:

Economic freedom of individuals and democratic principles.

6. As the Greek empire expanded across the Mediterranean and parts of Asia the cities
constructed were centered around the?

The agora of market

7. The main reason coin money stimulated the emergence of a labour market was?

A time and skill value of work could be created

8. Which of the following Greek philosophers believed that gold and silver should be outlawed?

Plato

9. Which of the following Greek philosophers believed that in a marketplace one should pay what
he could afford not what the seller priced it at.

Aristotle

10. Economics comes from a Greek word meaning?

Skilled in 100% managing a household