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Barter

Trade with no money involved

Scarcity

A shortage of something. Not enough

Mercantilism

Colonies exist for the benefit of the parent country. There is a limited amount of money in the world, try to get as much as you can. Don't trade with other countries. use your own colonies to get supplies.

embargo

A government order to stop foreign trade

empire

A group of people or lands controlled by one nation or ruler outside that rules own country

tariff

import taxes

smuggling

illegal trade

writes of assistance

Court orders that allowed customs agents to conduct searches of homes and ships for smuggling.

navigation acts

laws that put the theory of mercantilism into practice. Because of high taxes, not allowed to trade freely, and it was difficult to make money.

commerce

The buying and selling of goods and services

customs

A procedure used to inspect people and good entering a country

law of supply and demand

higher price less demand
more demand higher price

surplus

extra amount of something

favorable balance of trade

sells more than buys

raw materials

A primary of a manufactured good/product

import

receiving goods from another country

export

shipping goods to another country

manufactured goods

a raw material that has been processed into a finished product

triangular trade

trade routes in the atlantic ocean between africa, the west indies, america colonies and england

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