ECONOMICS EXAM 2 (MIDTERM)
UPDATED STUDY GUIDE WITH
QUESTIONS AND ANSWERS | GRADED
A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers | 100% Verified
Exam Prep
, 3 Classes of Feudalism 1. The nobility
2. The clergy
3. The serfs (peasants)
-Equality was neither the aim nor the goal
Feuds -Wars between feudal lords were common
-Consumed much of the wealth of Europe, particularly in the 10th and 11th centuries. The
wars and the preparation for them, consumed much of the wealth
The Manor -As the economic unit of medieval agriculture (characterized by serf labor)
-A manor was a subsistent or self-sufficient-virtually all that the inhabitants had or could
get was grown or produced on the manor
-Serfs had litter incentive to work toward improving their lot since the product of their
labor was often taxed at rates as high as 70%
-Forced labor is notoriously inefficient in production
-Probably the greatest deterrent to trade was the lack of effective central government to
maintain the peace
Merchants -In the 12th and 13th centuries, strong monarchs gained power and began to consolidate
their kingdoms-with authority covering larger areas becoming stronger, the local feudal
lords were somewhat restrained
-Became the greatest promoters of trade
Guilds -Groups of merchants that took on permanent organizations
-Sought to get roads approved, feudal fees reduced, and sought to make travel safer
-System tended towards laborism
-Their attitude towards technology was decidedly anti-capitalistic
-Fought hard to strangle off competition
Fairs -Organized by merchants and were places where merchants assembled to display, trade,
and sell goods
-Highly organized events, featuring particular goods on display and sale during
particular periods
-Operated under their own particular rules and had their own special courts to settle
disputes
-Laws that held sway were trade laws versus feudal laws
UPDATED STUDY GUIDE WITH
QUESTIONS AND ANSWERS | GRADED
A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers | 100% Verified
Exam Prep
, 3 Classes of Feudalism 1. The nobility
2. The clergy
3. The serfs (peasants)
-Equality was neither the aim nor the goal
Feuds -Wars between feudal lords were common
-Consumed much of the wealth of Europe, particularly in the 10th and 11th centuries. The
wars and the preparation for them, consumed much of the wealth
The Manor -As the economic unit of medieval agriculture (characterized by serf labor)
-A manor was a subsistent or self-sufficient-virtually all that the inhabitants had or could
get was grown or produced on the manor
-Serfs had litter incentive to work toward improving their lot since the product of their
labor was often taxed at rates as high as 70%
-Forced labor is notoriously inefficient in production
-Probably the greatest deterrent to trade was the lack of effective central government to
maintain the peace
Merchants -In the 12th and 13th centuries, strong monarchs gained power and began to consolidate
their kingdoms-with authority covering larger areas becoming stronger, the local feudal
lords were somewhat restrained
-Became the greatest promoters of trade
Guilds -Groups of merchants that took on permanent organizations
-Sought to get roads approved, feudal fees reduced, and sought to make travel safer
-System tended towards laborism
-Their attitude towards technology was decidedly anti-capitalistic
-Fought hard to strangle off competition
Fairs -Organized by merchants and were places where merchants assembled to display, trade,
and sell goods
-Highly organized events, featuring particular goods on display and sale during
particular periods
-Operated under their own particular rules and had their own special courts to settle
disputes
-Laws that held sway were trade laws versus feudal laws
