29th June 2020


What was the first economy?

The ancient economy was mainly based on subsistence farming. The Shekel referred to an ancient unit of weight and currency. The first usage of the term came from Mesopotamia circa 3000 BC. and referred to a specific mass of barley which related other values in a metric such as silver, bronze, copper etc.

Then, how was the economy started?

An economy forms when groups of people leverage their unique skills, interests, and desires to trade with each other voluntarily. Then they trade the portable representation of their productive value – money – for other goods and services. The total sum of these productive efforts is referred to as an economy.

Similarly, why must economies grow?

Economic growth is necessary for our economic system because people generally want more wealth and a better standard of living. Furthermore, it is easier to redistribute wealth and advance new technologies while an economy is growing.

Which country is richest in 17th century?

you you as we learned last week during the sixteenth century China briefly overtook India as the richest region on earth when the Chinese Ming Dynasty were at their Zenith. I. now want to look at the 17th century as this was the last time that India had the world's largest economy.

Was India rich before British rule?

Before British Rule (1858)
Before the British ruled in India the East India trade company came to rule while India was very weak, The company made India one of the wealthiest countries in the world. They Brought trade and influence into the country basically owning the global textile trade.
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