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Transcript of Economics
Summary By: Isaac Pacheco
Pictures By: Grace Zendejas
Vocabulary By: Phoebe Soto
Questions and Voice Over By: Shellsee Gutierrez
In Classical Rome, China and India, economy was mainly driven by long distance trade between regions. Rome, apart from trading, relied on slave labor for agricultural production. Owners of latifundias in Rome used slave labor for crops meant for exportation rather than subsistence. Rome traded with Palestine, Spain and North Africa through sea lanes that linked them together, setting up a vigorous trade system due to the specialization of different regions. Trade with China brought fine spices and silk textiles while trade with India brought pepper, cotton textiles and valuable exotic items such as gems or pearls. The Silk Road played an important part in long distance trade for all regions of this area. Rome controlled the Mediterranean Basin while the Han Empire controlled China. As wealth increased in cities, urban residents had more luxuries such as larger supplies of freshwater and sewage systems.
Transactions: an instance of buying or selling something
(ex: This risk increased the costs of long-distance transactions in ancient times.)
Substantial: of considerable importance, size, or worth.
(ex: With official encouragement, a substantial trade developed throughout the Hellenistic world, from Bactria and India in the east to the Mediterranean basin in the west.)
Rome traded through sea lanes with all of these EXCEPT:
a) North Africa
c) North Asia
Chapter 12: Economics
- Isaac Pacheco
- Shellsee Gutierrez
Trading with _______ brought fine spices and silk textiles.
- Phoebe Soto
When “barracks emperors” took control after the fall of the Roman Empire, an emperor by the name of Diocletian divided up the empire into two administrative districts. Each of the two districts had two co-rulers. Diocletian and Maximian ruled the eastern district while Constantine and Galerius ruled the western district; these co-rulers were known as tetrarchs.
Due to the Silk Road, societies benefited because it brought wealth and access to foreign products. Before the Silk Road, trade was dangerous which made the products more expensive, but once the Silk Road was formed, it lessened the danger in trading therefore lowering the costs, which allowed the states to levy taxes on trade. But also, the Silk Road brought epidemic diseases such as smallpox, measles, and the Bubonic Plague, which wiped out the populations. When this happened, China and the Romans both declined in economics. They both fell eventually because after the plague, trade wasn't as big as it was before, their economics then pushed to regional self- sufficiency.