The Effects Of Global Contact Flashcards
What’s the definition of inflation
A rise in prices that is linked to a sharp increase in the amount of money available
What was the Columbian exchange
Avast global exchange of goods, people, plants, and animals that began with Columbus and profoundly affected the world
What is a price revolution
The period in European history during the 1500s when inflation rose rapidly
What is capitalism
An economic system in which most businesses are owned privately
What is an entrepreneur
A person who takes on financial risks to make a profit
What is Mercantilism
And economic policy in which it was believed that a nation must export more goods than it imports to build it supply of gold and silver
What is a Tariff
A tax on imported goods
Why did prices begin to rise in Europe
The huge amount of silver and gold coming in from the Americas lead to inflation
