trade laws Flashcards
What is Parliament?
England’s bicameral (two-house) legislature made up of the House of Lords and the House of Commons; the Prime Minister is in charge of Parliament.
What is Great Britain?
An island made up of the countries of England, Wales, and Scotland.
What is the United Kingdom?
Great Britain and Ireland (at this time).
What is mercantilism?
A system of creating and maintaining wealth through carefully controlled trade. England controlled the colonies for wealth.
What are imports?
Goods brought into a country; a country gains wealth if it has fewer imports than exports.
What are exports?
Goods sold to other countries; a country gains wealth if it has more exports than imports.
What are duties?
Taxes added to imported items.
What is smuggling?
Illegal trading of goods.
Navigation Act of 1660 –
Parliament passed a series of acts that forbade colonists from trading specific items such as sugar and cotton with any country other than England; colonists also were forced to use English ships.
- Molasses Act of 1733
Parliament passed an act which placed duties on sugar and molasses
- Free Enterprise –
- Free Enterprise – business conducted with little or no interference from the government
- Raw Materials – unfinished or unprocessed goods (leather
wood)
- Manufactured Goods – finished or processed products (clothes
furniture)
- Triangular Trade – raw materials and manufactured goods were traded between the colonies
West Indies
