Professional Documents
Culture Documents
Chief
Crafts People
Feudalism
The business or economic system in which one class of people control the property rights to all valuable resources, including people. Chiefs Kings and Queens Pharaohs tsars
Aristocrats
Aristocrats
Commoners
Commoners
Commoners
Commoners
Mercantilism
Global trading of merchandise Borrowed capital funded trading Buy cheap, sell for large profit elsewhere Banking the new respected business
Capitalism
Capitalists or industrialists privately own the physical capital of industrial production Private production, sales, trade and distribution
Property Rights
King John signs the Magna Carta Rights given to private property owners History has been changed forever The balance of power has shifted
Commerce
Capital
Labor
Money
Land
Enterprise
The steam engine is invented Innovation and mass production Costs for transportation has dropped as a result
References
Jones, G. R. (2007) Introduction to business, chapter two Windows seven clip art (2010)