Im Not Failing 101 Flashcards
(16 cards)
What is customs duty?
Tax charged on the import of foreign goods
Customs duty is a form of tax imposed by governments on the goods and services imported into the country.
What does it mean to export?
To sell goods to foreign countries
Exporting is a crucial part of international trade, allowing countries to sell their products abroad.
What is the definition of import?
To buy goods from foreign countries
Importing allows countries to bring in products that are not available or are more expensive domestically.
Define mercantilism.
A national economic policy that seeks to increase a nation’s wealth by government regulation of the economy
Mercantilism emphasizes the role of the state in managing the economy and often involves the accumulation of precious metals.
What is a charter?
The grant of rights and privileges to a company/group of people, always a written document
Charters were often used to give exclusive trading rights or other privileges to companies.
What was the significance of the Battle of Plassey?
It marked the beginning of British dominance in India
The Battle of Plassey, fought in 1757, was a decisive victory for the British East India Company over the Nawab of Bengal.
What were Diwani Rights?
Rights granted to the British to collect revenue in Bengal, Bihar, and Orissa
Diwani Rights were crucial for the British as they provided financial control over these rich provinces.
What did the Treaty of Bassein signify?
An agreement that expanded British influence in India
The Treaty of Bassein, signed in 1802, allowed the British to establish more control over Indian states.
What role did the East India Company play in India?
Originally a trading company, it gradually acquired political power
The East India Company transitioned from trade to governance, influencing Indian politics and society.
Fill in the blank: The first trading depot set up by the East India Company was in _______.
Surat
Surat was an important trading center for the British in the early 17th century.
True or False: The French East India Company had a significant impact on the Indian subcontinent.
True
While less powerful than the British, the French East India Company established settlements and competed in trade.
What was the purpose of the English East India Company (EEIC) charter issued by Queen Elizabeth I?
To grant the EEIC a monopoly to trade with the East for 15 years
This charter prevented other English trading companies from competing with the EEIC.
Define ‘factors’ in the context of trading companies.
Officials of the companies known for managing trading operations
Factors played a key role in establishing and running trading posts or factories.
What happened after the death of Aurangzeb in 1707?
The power of Delhi declined significantly and regional kingdoms emerged
This decline allowed for increased British influence as local powers struggled for control.
What is a sepoy?
An Indian soldier serving in the British army
Sepoys were crucial to the British military presence in India, forming a significant part of the forces.
What did the term ‘monopoly’ imply for trading companies?
Exclusive rights of trade without competition
Monopolies allowed companies to control prices and trade routes, significantly influencing local economies.
