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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 |