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10 Cards in this Set

  • Front
  • Back
Import
Product that is brought into a country to be sold
Export
Product that is taken of of a country to be sold.
Mercantilism
A. Econmic Idea
B. Richest nation=strongest
C. Keep money in own hands
D. Found colonies to provide things(money) for mama. "England"
E. Colonist buy finished goods that mama made from their raw.
F. Colonies exist to make mam rich and stong
Rules Mama makes...1st
Tariffs: Takes on foreign imports that the parliament passes.
Purpose: Make foreign good more expensive and comvince colonist to buy Eng. goods.
Favorable Balance of Trade
Where a nation has more money coming in than going out.
Must sell more than buy!
Rules Mama makes...3rd
Prevent colonies from producing finished goods that Eng. was already making.
1.Wool act of 1699
2.Hat act of 1732
3.Iron act of 1750
3 Navigation Acts
1. Goods traveling between England and its colonies had to go on English ships.
2. All foreign imports to col./ brought to England 1st/
3. Put certain items on a list that could on be sold in England.
* goods that Eng. cannot produce.
Rules Mama makes...2nd
Navigation Acts- laws that parliament passes to control what colonies could buy
Problem of Mercantilism
Colonist are ALWAYS short on cash since they are expected to sell cheap goods and buy exp. fin. items!
3 ways colonist get $
bought on credit and went into debt.
Smuggling (illegal) and Triangular Trade(legal)
Mama england didnt enforce mercantile rules strictly.