Age of Exploration-Economic Terms

What is "mercantilism"?

• A system where countries share resources equally.

• An economic system where countries tried to get rich by controlling trade.

• A business where people invest money to share risks and rewards.

• A method of farming that focuses on growing only one crop.

What is a "joint-stock company"?

• A company owned by the government to control trade.

• A business where many people invest money to share the risks and rewards.

• A group of farmers who grow crops together.

• A company that only trades within Europe.

What are "raw materials"?

• Products made in factories from natural resources.

• Finished goods like clothes or furniture.

• Natural resources used to make goods, like timber or cotton.

• Goods traded between colonies and their ruling countries.

What is a "plantation"?

• A small farm where families grow food for themselves.

• A large farm that grows cash crops, often using enslaved labor.

• A type of farm focused on raising animals for trade.

• A community of settlers working together to grow food.

What is "profit"?

• Money made after all costs have been paid.

• The amount of money needed to start a business.

• Resources traded between countries for goods.

• The total cost of running a plantation.

What was the "Middle Passage"?

• A trade route between Europe, Africa, and the Americas.

• The journey enslaved Africans took across the Atlantic to the Americas.

• A path used by explorers to travel through the Americas.

• A sea route connecting Europe to Asia for spice trade.

What was the "Triangular Trade"?

• A trade route between Europe, Africa, and the Americas.

• A system where goods were only traded between colonies.

• The exchange of animals and crops between the Old and New Worlds.

• The journey of enslaved people from Africa to the Americas.

What is "monoculture"?

• Growing many different types of crops on a farm.

• Growing only one type of crop, which can lead to problems if disease strikes.

• A farming method used to preserve natural resources.

• A system of trading crops between countries.

What is "inflation"?

• When prices of goods rise and money buys less.

• When money increases in value compared to goods.

• When countries increase their trade profits.

• When goods become cheaper due to high demand.

What is "globalization"?

• The division of countries into small, independent regions.

• The growing connection of different parts of the world through trade and culture.

• The process of colonizing new lands for economic gain.

• A system where countries only trade with neighboring nations.