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Survival Guide
Surival Guide Economics
| Question | Answer |
|---|---|
| Export | is something sent to another country for trade or sale(ex cotton, indigo, tobacco, rice and rum) |
| Import | is something brought from another country for trade or sale. (ex slaves, sugar, molasses) |
| Monopoly | is the exclusive control of a product or service in a particular market by a single company |
| Mercantilism | is an economic policy where colonies only trade with their parent country in order to benefit that parent country |
| Supply | is the amount of goods available at a given price at any time |
| Demand | is how many consumers desire the goods that are in supply |
| Triangular trade | is a trading route the formed a triangle between three of the following: West Indies, Colonial America, Europe, and West Africa |
| The economic activities in Northern American states | were influenced by the Industrial Revolution, which was the change from making hand made goods at home to machine made goods in factories |
| The economic activities in the Southern American states | were focused around farm and plantation life, which influenced the need for human labor and contributed to the growth of slavery |
| Interdependence | refers to countries or people that rely on one another |
Created by:
kguilmino225
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