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Mercantilism 1L
Chapter 7-1.3
| Term | Definition |
|---|---|
| mercantilism | a system of trade that says a country becomes wealthy and powerful by building up its supply of gold and silver |
| colony | a land that is controlled by a more powerful country |
| mother country | a country that claims and controls a weaker nation |
| import | to buy or bring in goods from another country |
| favorable balance of trade | when a country exports or sells more than it imports or buys |
| export | to sell goods to another country |
| tariff | a tax that is placed on products from another country |
| natural resources | materials that are produced by nature; raw materials |
| Thirteen Colonies | the American colonies owned by England that were located on the east coast of the United States |
| market | a place where countries sell the products they manufacture |
| plantation | a large farm where cash crops like coffee, tobacco, and sugar are grown |