Vocab
What is the Columbian Exchange?
Exchange of people, plants, animals, and ideas between Eastern and Western Hemisphere.
What is cottage industry?
business that uses people who work at home with their own equipment.
What ocean did the Columbian Exchange span across?
The Atlantic Ocean
Who said "We must ever to observe this rule; to sell more...yearly than we consume...in value."
Thomas Mun
During this time, which class grew: low class, middle class, or high class?
Middle class
What is mercantilism?
Economic policy in which a nation gains strength by controlling its trade, agriculture, industry, and money.
What is traditional economy?
Economy in which people make economic decisions based on their customs and habits
Which continents did the Columbian Exchange take place across?
Americas, Europe, and Africa
What was the impact of mercantilism?
Ensured that they would have access to growing markets and increasing revenue.
Who led the world in agriculture and manufacturing?
Asia
What is capitalism?
Economy based on the private ownership of property and the use of property to compete for profits or gains in a market.
What is Market Economy?
Economy in which individual consumers and producers make all economic decisions.
What became a staple crop in Africa?
Peanuts
What was the Price Revolution?
Historical period of runaway inflation in Europe.
What did Ming farmers introduce?
water-powered plows and crop rotation
What is inflation?
General increase in prices
What is staple?
Used or needed regularly.
Name three of the most transported crops from the Americas
Potatoes, Manioc, beans, tomatoes, corn, sweet potatoes
What were the causes of the Price Revolution?
1. rapid population growth.
2. the enormous flow of gold and silver from the Americas to Europe.
Which Chinese products were in high demand?
Silk and porcelain
What is incentive?
Something that leads to action
What is enormous?
Very large
What animals did Columbus introduce?
horses, pigs, cows, goats, and chickens.
Who benefitted from capitalism so much that they were able to buy food and goods?
Farmers
True or false: China practiced mercantilism
True