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