UNT1: Early Econo Development & Emergence of Trade Cheat Sheet by Euphoria_
economics technology markets
1. Self Sufficiency and Dependance on Agriculture
1. The earliest communities were self sufficient societies. They were hunter - gatherers and moved around to find resources to provide for themselves.
2. Later people domesticated animals and set up farms in one area. Here they produces good for themselves and grazing for their cattle. They provided only for themselves.
3. Ex. of self sufficient societies today: The San (Botswana & Namibia); The Himba (Namibia) and The Masai (Kenya & Tanzania)
2. Bartering, Trade & the Emergence of Money
1. People started to specialise in certain tasks. (E.g. Making cloths, farming with animals etc.) This caused for them to produce a surplus.
2. The system of bartering was set up so that people could trade their surplus. People may have specialised in one area and struggled with another, this caused for them to swap for their neighbour.
Limitations Regarding Bartering
a) Both parties must want to swap, b) agree on how much to swap for another product and c) Some products are difficult to divide.
Advantages of Money Over Bartering
a) You can hold and accumulate money, b) you can divide money into smaller units c) money holds it's value so people don't need to use it immediately.
3. Language, Skills and Learning
1. At first minimal language was only needed to communicate with family and neighbours. This changed when specialisation and trade came about as there was a need to teach and negotiate.
2. Initially people only needed skills which would help them secure food and water and parents would teach children these skills. Eventually, with the system of bartering, specialisation become more popular.
3. Training was needed for specialisation in different fields.
4. Wealth power and accumulation
Self Sufficient society
The strongest people were the most powerful. (They could fight) + wealth was counted in baterable items such as cattle.
Wealth and Power usually go hand in and.
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