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At One Point in Time, Society Relied on Religion to Help

question 27

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At one point in time, society relied on religion to help answer many questions regarding how society operated. Religion and religious leaders were seen as the mechanism through which people lived everyday life. With the rise of industrialization, many factories were created. Soon society came to be organized in a hierarchical manner and bureaucracies emerged. People started to rely more on scientific, rational thought to understand how society worked. This soon became the driver for day-to-day life, rather than religion. What shift were people in society experiencing?


Definitions:

Supply and Demand

are economic principles stating that the price of a good or service is determined by its availability (supply) and the desire of buyers (demand).

Borrowed and Lent

Refers to the process of obtaining funds (borrowed) from a lender under an agreement to pay back the funds plus interest (lent) over time.

CDOs

Stands for Collateralized Debt Obligations, which are complex financial instruments that pool various types of debt and then issue new securities backed by the debt pool.

Annualized Yields

The interest rate that is compounded annually, showing what an investment would yield over a one-year period.

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