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TeamSpence Trade
Team Spence Trade
| Question | Answer |
|---|---|
| Caravan routes and sea lanes between China and the Middle East | Silk Roads |
| Organization that prohibits tariffs and other trade barriers between Mexico, the United States, and Canada | North American Free Trade Agreement (NAFTA) |
| Passage through the North American Continent that was sought by early explorers for trade usage | Northwest Passage |
| Trade where sailors used monsoon winds to navigate through | Indian Ocean Trade |
| early trade patterns included the exchange of salt and palm oil | Trans-Saharan Trade |
| caused multiple wars between England and China in the 1800's | Opium Trade |
| Treaty that ended the Opium War in 1942 | Treaty of Nanking |
| Divisions of a coutry in which a particular foreign nation enjoys economic privileges | Spheres of Influence |
| Canal connecting the Mediterranean and Red Seas | Suez Canal |
| Eighteenth-century trade network between Europe, Africa, and the Americas | Triangular Trade |
| portion of trans-Atlantic trade that involved the passage of Africans from Africa to the Americas | Middle Passage |
| Branch of the oldest slave trade in Africa | Atlantic Slave Trade |
| part of a triangular trade that involved 3 segments | Trans-Atlantic Trade |
| trade network that exchanged crops, livestock and diseases between the Eastern and Western hemispheres | Columbian Exchange |
| introduced into the Eastern Hemishpere during the Columbian Exchange | Tobacco |
| revolutionized the Nomadic lifestyle | Introduction of Horses |
| caused the death of most Native Americans during Columbian Exchange | Epedemic Diseases |
| established trading ports in East Asia, Southeast Asia, India, and the west coast of Africa | Europeans |
| Western European Shippers | Factors |
| League of merchant associations within the cities of Northern Germany and the Baltic | The Hanseatic League |
| Muslim Eunuch who made voyages of trade and exploration with a fleet of junks | Zheng He |
| trading company founded by the dutch to protect their trade in the Indian Ocean | Dutch East India Company |
| emigrated from Germany to America to set up fur trade | John Jacob |
| designed a contenintal system to strangle British trade | Napoleon |
| settlement on the pacific coast developed for fur trade with China | Astoria |
| war caused by damaged trade in the US by the British | War of 1812 |
| outlawed trade unions in Britain | The Combination Acts of 1799 and 1800 |
| first iron steamship designed for the transatlantic passenger trade | the Great Britian |
| caused a major decline in trade and commerce in the early 1300's | Bubonic Plague (Black Death) |
| religion spread mainly along the silk roads | Buddhism |
| the act or process of buying, selling, or exchanging commodities | Trade |
| tax levied by government on imports or sometimes exports | Tariff |
| international organization concerned with promoting and regulating trade between its members; est. in 1995 | World Trade Organization (WTO) |
| international treaty signed in 1947, and was replaced by the WTO | General Agreement on Tariffs and Trade (GATT) |
| association of European nations formed in 1993 for the purpose of achieving political and economic integration | European Union |
| actions that one person performs for another profit | Services |
| relationship between two countries in which they rely on one another for resources, goods, or services | Interdependence |
| taxes, quotas, and other restrictions on goods entering or leaving a country | Trade Barriers |
| the ban of trade with a particular country in order to isolate it and punish it economically | Embargo |
| exchanging of goods and services between countries | International Trade |
| a limit on the quantity of a good that can be imported in a given period of time | Import Quota |
| a form of financial assistence paid to a buisness or industry to prevent the decline of that buisness or industry | Subsidies |
| someone who buys and sells goods to earn money | Merchant |
| system in which a government controls all economic activity in a country and its' colonies | Mercantilism |
| process in which people exchange goods with our contacting eachother directly | Silent Barter |
| system that trades goods and services in special exchanges instead of using money | Barter System |
| system that provides goods and services in exchange for money | Money System |
| paths from one area to anothe that were used to trade goods | Trade Routes |
| the difference in value between the total imports and total exports of a nation | Balance of Trade |
| a basic good used in commerce that is interchangeable with other goods of the same type | Commodities |
| contraction of economic activity resulting in a decline of prices | Deflation |
| competing for goods and products to earn more wealth | Economic Competition |
| people who buy products or services | Consumers |
| place where trade occurs | Market |
| products should be free to move from country to country without barriers | Free Trade |
| exchange of goods or services with people and businesses in one's own country | Domestic Trade |
| good or service bought from another country | Import |
| good or service sold to another country | Export |
| a nation's money | Currency |
| a requirement that stops or limits the sale of a product not meeting certain specifications | Standard |
| a country's ability to produce a given product relatively more efficiently than another counry | Comparative Advantange |
| an interchange of goods or commodities | Commerce |
| purchasing agent | Buyer |
| the production or manufacture of goods in large quantities | Mass Production |
| noted as sea traders | Phoenicians |
| group of travelers, as merchants or pilgrims, journeying together for safety | Caravan |
| exclusive control of a commodity or service in a particular market | Monopoly |
| precious, yellow, metallic element of high value | Gold |
| argued that laws of suppy and demand should operate in a free market | David Ricardo |
| a mutual exchange | Reciprocation |
| practice of protecting industries from foreign competition | Protectionism |
| corporation that manages or delivers services in more than one country | Multinational Corporation |
| specific regions within an area that have special economic privaleges | Special Economic Zones |
| sale of goods or merchandise to retailers | Wholesale Trade |
| An organization that uses resources to produce a product which it then sell | Firm |
| The power of consumers to decide what gets produced | Consumer Sovereignty |
| Economic system that combines the free market with limited government involvement | Mixed Economy |
| Doctrine that states that government generally should not intervene in the marketplace | Laissez Faire |
| Using resources in such a way as to maximize the production of goods and services | Economic Efficiency |
| All human-made goods that are used to produce other goods and services | Physical Capital |
| Ambitious leader who combines land, labor, and capital to create and market new goods and services | Entreprenuer |
| An economic system characterized by private or corporate ownership of capital goods | Free Enterprise System |
| The financial gain made in a transaction | Profit |
| trade that is done through shipping goods from one port in one country or city, to another | Maritime Trade |
| network of railways connecting Moscow with the Russian Far East and the Sea of Japan | Trans-Siberian Railroad |
| canal in Panama that connects the Atlantic to the Pacific ocean | Panama Canal |
| armlets which served as a form of "money" in slave trade | Manillas |
| An average of a country's tariff rates | Average Tariff |
| To engage in trade, either within a country or internationally | Exchange |
| something that remains above what is needed | Surplus |
| sum of money put on exports or imports | Tax |
| The 7th round of multilateral trade negotiations that took place under GATT | Tokyo Round |
| A negotiated agreement among two or more countries to limit their policies with respect to trade | Trade Agreement |
| Group of merchants who would invest in a single caravan and share in both the profits and losses | Ortogh |
| 1271 to 1368 CE Helped the Mongols proceed in resurrecting the Silk Roads | Khubilai Khan |
| What besides goods were transferred along the silk roads? | religion, languages, economics, scientific ideas and politics |
| Why did the Silk Roads decline and diminish in importance starting around 1300 CE to 1500 CE? | Sea routes were discovered and were safer to navigate due to maritime technology improvements |
| What was the major desert on the Silk Road? | Taklimakan Desert |
| What might have happened if the Sild Roads never developed? | -Globalization would not be as widespread and so sophisticated as it is today -Cultures would be more isolated -Progress would have been much slower -people would die much younger (lack of medical knowledge) |
| What was the historical event that jump-started the Silk Roads? | Han Merchants were attacked and raided by Xiongnu nomads and Emperor Wu wanted to make peace with the Xiongnu. e sent Zhang Qian but the Xiongnu tribes captured him and he was held for ten years. the Xiongnu learned about Han's silk. They formed an allian |
Created by:
mirandabecker22
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