Unit 1 European Exploration

servants who worked for a set period of time to pay off debts or the cost of traveling to the Americas

• slavery

• indentured servant

• capitalism

• colony

a system in which individual buyers and sellers interact in the marketplace to exchange (trade) goods and services

• favorable balance of trade

• indentured servant

• market economy

• raw material

a place where goods are offered for sale

• marketplace

• slavery

• natural resource

• colony

when a country has more exports than imports

• colony

• slavery

• indentured servant

• favorable balance of trade

settlement in a new territory that keeps close ties to the mother country/homeland

• mercantilism

• capitalism

• colony

• marketplace

being owned or in bondage to another person

• slavery

• raw material

• market economy

• colony

economic system based upon the private ownership of resources and production in order to make a profit

• favorable balance of trade

• market

• indentured servant

• capitalism

material, such as wood, gold, salt, tobacco, cotton, that occurs in nature and can be traded or made into a product that can be traded

• natural resource

• marketplace

• colony

• slavery

theory that the possession of wealth gives a nation power

• market

• colony

• raw material

• mercantilism