7-1.3 Mercantilism
Feudalism
A political and social system that developed during the Middle Ages; nobles offered protection and land in return for service
commodity
A product or a raw material that can be bought and sold.
tariff
A tax on goods brought into a country
Mercantilism
An economic policy under which nations sought to increase their wealth and power by obtaining large amounts of gold and silver and by selling more goods than they bought. (Mercantilist)
imports
Goods and services purchased from other countries.
exports
Goods and services sold to other countries
natural resources
Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain
raw materials
Natural resources that are not yet made into anything such as cut trees or coal that has been mined.
finished products
Products made from raw goods like furniture, cloth, clothing.
mother country
The country of origin of settlers or colonists in a place.
theory
a system of rules or procedures used to produce a result
aquired
buy or obtain (an object or asset) for oneself.
bullion
gold and silver
favors
helps
sought
looked for
manufactured
make (something) on a large scale using machinery.
markets
places to sell goods manufactured or created in the mother country
economics
production, distribution, and consumption of goods and services
favorable balance of trade
when the value of what a country exports is more than the cost of imports