Age of Exploration IYRNEs

When one country takes political and economic control of an area in a different country.

The Age of Exploration led to European _______ of other parts of the world, especially in the Americas.

an economic system based on investment of money for profit

Exploration and trade contributed to the growth of ________.

an economy in which prices are determined by the buying and selling decisions of individuals in the marketplace

Money became more important as precious metals flowed into Europe. Instead of having a fixed price, items were sold for prices set by the open market.

an economic policy by which nations try to gather wealth by establishing colonies and controlling trade

European rulers believed that building up wealth was the best way to increase a nation's power. For this reason, they tried to reduce the products they bought from other countries and to increase the items they sold.

a small-scale business in which people produce goods at home

Merchants hired people to work from their own cottages, turning raw materials from overseas into finished products. This growing ________ was especially important in the manufacture of textiles.