Topic 2.1 and 2.6 Vocab Flashcards
(21 cards)
tariff
tax on imported goods
Vasco de Gama
a Portuguese explorer and navigator who in 1498 was the first European to directly reach India by sailing around Africa
Boers
Dutch farmers who settled in Cape Town and eventually migrated inland
free enterprise system
An economic system aka capitalism, in which private businesses are able to compete with each other with little control by government. Products, prices, and services are driven by free-market laws of supply and demand rather than government regulations
price revolution
a period in European history when inflation rose rapidly
entrepreneur
a person who assumes financial risk in the hope of making a profit
capitalism
an economic system in which the means of production are privately owned and operated for profit
inflation
economic cycle that involves a rapid rise in prices linked to a sharp increase in the amount of money available
Mombasa
a city in southeastern Kenya, located on a small coastal island
Columbian exchange
the global exchange of goods, ideas, plants, and animals and disease that began with Columbus’ exploration of the Americas
mercantilism
policy by which a nation sought to export more goods than it imported in order to build its supply of gold and silver
Moluccas
an island chain in present-day Indonesia, which Europeans in the 1400s called the Spice Islands
Cape Town
the first permanent European settlement in Africa
circumnavigate
to travel completely around the world
Ferdinand Magellan
killed in 1521 in present-day Philippines, but his original crew continued and was first to circumnavigate the world
Prince Henry
raised money for expeditions and established a base for explorers in Sagres
Malindi
East African coastal city and hub of international trade, attacked in the 1400s by Portuguese explorers to expel the Arabs
Line of Demarcation
boundary set by the Treaty of Tordesillas dividing the non-European world into 2 zones, one controlled by Spain and the other by Portugal
cartographer
a person who makes maps
Treaty of Tordesillas
a treaty signed between Spain and Portugal in 1494 which divided the non-European world between them
Commercial Revolution
a period of European economic expansion, colonialism, and mercantilism which lasted from about the 1500s until the early 1700s. It included the growth of capitalism, banking, and investing
