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19 terms

Mercantilism

STUDY
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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