Chapter eight Flashcards
What is eurocentrism?
the belief that European concerns, cultures, and values are superior to those of others
What is international trade?
The exchange of raw materials, goods and services among distant groups of people
What is mercantilism?
A Eurocentric economic policy whereby European monarchs increased their wealth through international trade
What is a monopoly?
Occurred in the past when a monarch granted one individual or a single company the sole right to gather and trade in particular good
What is HBC?
Hudson’s bay company
What is capitalism?
An economic system based on free markets, private ownership of business and industry, and the profit motive
What is a free market?
An economy is which government does not interfere in business activities, supply and demand are not regulated
What is industrialization?
The shift of a countries major economic activity from agriculture to manufacturing
What is entrepreneur?
a person who sets up or finances a new business or indistry to make a profit
