Unit 2 Vocab

Mercantilism

• Mercantilism advocates for minimal state involvement in the economy.
• Mercantilism is an economic theory focused on state intervention and wealth accumulation.
• Mercantilism is solely focused on agricultural production.
• Mercantilism promotes free trade without government interference.

Salutary

• Harmful or detrimental
• Neutral or unchanging
• Unrelated to health
• Beneficial or promoting health

neglect

• Overlook
• to give little attention

• Ignore
• Disregard

Colony

• Colony Farm
• Colony Ship
• Colony House
• an area over which a foreign nation or state extends or maintains control

tax/duty

• A tax is a voluntary contribution to charity.
• Taxes are only collected from businesses, not individuals.
• Tax or duty is a financial charge imposed by a government.
• Duties are only applicable to international trade.

debt

• Loan
• Credit
• Mortgage
• Debt is a financial obligation to pay back money borrowed from another party

boycott

• Strike
• collective action where people refuse to buy, use, or support a person, organization, or product

• Protest
• Demonstration

Natural rights

• Natural rights are inherent rights such as life, liberty, and property.
• Natural rights are only applicable to citizens.
• Natural rights are granted by the government.
• Natural rights are temporary privileges granted by society.

Social contract

• The social contract is a legal document enforced by the government.
• The social contract is a theory that only applies to economic transactions.
• The social contract is an agreement between nations to avoid war.
• The social contract is an agreement among individuals to form a society.

Grievances 

• Suggestions for improvement
• Complaints or concerns raised by individuals or groups.
• Feedback on services
• Requests for assistance