limited quantities of resources to meet unlimited wants
Things that are bought, sold, traded, and produced (can be touched.)
Work that is performed for someone (can be touched.)
Things that people want (desire) but don't need for survival
Basic requirements for survival. Ex: food, clothing, shelter.
Rules of Supply and Demand
When supply goes up, prices fall
When supply goes down, prices rise.
When demand goes up, prices rise,
When demand goes down prices fall.
The term "British"
An adjective describing things from the island of Great Britain
The boat ride over to slavery/new world
Why were slaves considered, "Human Gold"
With labor needed in the New World, human bodies became as valuable as gold, so Africans were kidnapped and shipped to the Americas as slaves.
Benefits of the European Nation from the slave trade
They got wealth and power
an economic policy under which nations had to to gain their wealth and power, to do this they had to export more than they imported. Nations with this economic nation became very rich, powerful, and influential. This was very popular from the 1500s through the 1800s.
a group of nations, territories, and colonies ruled over by an Emperor or other powerful leader or government. Ex: The British and Roman Empires
People who use goods and services
The exchange of goods and services
Goods brought into a country
Goods sent out of a country
Illegal trade (in and/or out of a country)
***The study of how goods and services are produced and distributed
***The study of how people try to satisfy unlimited wants with limited resources.
What is the United Kingdom?
Great Britain, & Northern Ireland. This happened in 1921.
Why did people use to say, "The sun never sets on the British Empire?"
The British Empire was spread out all over the world so that even if one part of the British Empire was setting, another part was still shining.
England's main export
The colonies main export
The West Indie's main export
Africa's main export