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Unit IV: Commercial Revolution-vocab

STUDY
PLAY
Partnership
A setup where merchants pooled their funds to finance a large-scale venture that would have been too costly for any indivual trader.
Joint-Stock Company/Corporation
A company that recruits people to invest in the company while the investors share the profit.
Bill of Exchange
A bill of exchange would be given by a banker to a merchant so the merchant could then exchange the bill for money in a distant city.
Merchant
A person involved in trading and buying goods.
Usury
Lending money with interest.
Guilds
Associates dominating an industry who passed laws and levied taxes.
Apprentice, Journeyman, Master
The three steps to becoming a Guild Master.
Mercantilism
A policy by which a nation sought to export more than it imported in order to build it's supply of resources.
Trade Fairs
Where traders and local customers would meet to buy and trade goods. These fairs would be along popluar trade routes and rivers.
Price
The cost of an item. When prices decrease more items are sold.
Demand
The need for an item. With more people, the demand increases.