Chapter 7 Flashcards
What is mercantilism?
From the 16th to the 19th centuries a system of government-sponsored international business venture is designed to make European monarchs rich
What is the silk Road?
The Silk Road is a historically important international trade route between China and the Mediterranean.
What is capitalism?
And economic system for increasing individual wealth, requiring a relatively free market, open competition, the profit motive, and at least some private ownership of the means of production
What is a free market?
A market in which government would regulate nothing and all businesses and property would be privately owned
What are entrepreneurs?
People who take risks by launching business ventures and hope to make a profit
Who is Adam Smith?
What is exploitation?
The use of a person or group for selfish purposes
What is communism?
A planned economic system in which government owns all means of production and all people work for government owned and government run enterprises
What is industrialization?
A stage of economic development that occurs when the place of production shifts from the home and small craft shops to large factories
What is the industrial revolution?
The combination of social and economic changes brought about by extensive use of machinery in production, especially in Great Britain and the 18th and 19th centuries
What are cottage industries?
And early-stage of economic development in which workers produce limited numbers of goods in their homes
What is imperialism?
An association between peoples that internationally benefits one people over another, often by laying claim to territories and habited by Indigenous or non-Indigenous peoples, seizing land and resources through conflict and warfare, and imposing political control
What is Eurocentrism?
A belief that the European world view is superior to all others
What is a colony?
A Territory that belongs to a European country, was ruled by the European government or its representative(s), and was completely subject to the European country
What is protectorate?
An area that maintained its own sovereignty and services to private businesses
