Vocabulary - Unit 1 Enrichment

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Imperialism

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A policy or ideology where a country extends its power and influence over other nations or territories.

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Colony

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A territory under the political control of another country, often settled by people from that country.

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Sanctions

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Measures taken by countries to restrict trade and official relations with a target country to influence its behavior.

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Smuggle

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To illegally transport goods in or out of a country.

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Monopoly

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The exclusive control of a commodity or service in a market, limiting competition.

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Tariff

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A tax imposed on imported goods and services.

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East India Company

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A British trading company that played a significant role in the trade and colonization of India.

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Addiction

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A psychological or physical dependence on a substance or activity.

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Trade Imbalance

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A situation where a country's imports exceed its exports, leading to a deficit.

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Mercantilism

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An economic theory that emphasizes the role of the state in managing international trade and accumulating wealth.