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S. Studies-Economy
vocab. terms from pages 116-126 of 7th grade social studies book
| Term | Definition | |
|---|---|---|
| mercantilism | the theory that a country's power depends on its wealth and its ability to acquire gold and silver | |
| export | selling products to another country | |
| import | buying products from another country | |
| tariff | a tax that is usually placed on imported goods | |
| benefits and costs | comparing what you will get from a choice as opposed to what you will lose from a choice | |
| scarcity | the limited availability of a resource that is sought after | |
| supply and demand | the number of things made available, called supply, and the number of things consumers want, called demand | |
| slave trade | the practice of capturing, transporting,selling and buying of human beings | |
| market economy | an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses. | |
| colony | a settlement of people living in a territory controlled by their home country | |
| commerce | buying and selling of goods in large quantities over long distances | |
| entrepreneur | one who organizes, pays for and takes on the risk of setting up a business | |
| joint stock company | a business where many people can invest by buying shares in a company | |
| capitalism | a system where people, instead of a government, own property,make goods, and buy and sell them freely | |
| free enterprise | the freedom of private businesses to compete for profits without government involvement | |
| cottage industry | a system for making goods in a person's home | |
| Columbian Exchange | named after Christopher Columbus; refers to the global exchange of people, goods,technology,ideas and diseases | |
| plantation | large agricultural estates that produce cash crops | |
| immunity | the body's ability to resist infection | |
| indentured servant | a form of labor where a person works without a salary to pay off a debt | |
| triangular trade | trade between three ports or regions that involves crossing the Atlantic Ocean; involved trading of slaves and goods | |
| middle passage | the forced voyage of enslaved Africans across the Atlantic Ocean to the New World | |
| abolition | an antislavery movement | |
| converts | people who change their beliefs to another religion or faith |
Created by:
tduvall
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