Topic 16.5 & 16.7 Vocabulary

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Columbian Exchange

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Exchange of people, plants, and animals, and ideas between the Eastern Hemisphere and Western Hemisphere.

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mercantilism

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economic policy in which a nation gains strength by controlling its trade, agriculture, industry, and money.

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capitalism

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economy based on the private ownership of property and the use of property to compete for profits or gains in a market.

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inflation

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general increase in prices.

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cottage industry

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business that uses people who work at home with their own equipment.

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traditional economy

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economy in which people make economic decisions based on their customs and habits.

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market economy

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economy in which individual consumers and producers make all economic decisions

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triangular trade

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colonial trade routes among Europe and its colonies, the West Indies, and Africa in which goods were exchanged for slaves

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middle passage

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the leg of the triangular trade route on which slaves were transported from Africa to the Americas.

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mutiny

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revolt especially of soldiers or sailors against their officers.