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7 Cards in this Set
- Front
- Back
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Gross domestic product |
The monetary value of all the services and finished goods produced by a country, usually calculated and expressed over a yearly period. |
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Protectionism |
Takes of prohibitions on imports and exports designed to protect domestic producers. By restricting the sale of foreign goods government provide an advantagr to their own producers although lack of competition can lead to high prices. |
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Mercantilism |
A policy of government interventi9n to ensure the value of exports is more than the value of imports, known as positive balance of trade. The objective of mercantile systems between the 16th anf 18th centuried was to acquitr gold or silver bullion through positive balance of trade |
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Free trade |
An alternative system to mecantilism whereby imprt and export taxes ate minimised to alloe merchants to compete across borders. The removal of restirctions favours merchants eho produce the cheapret goods, but risks driving others out of business |
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Scramble for Africa |
A period of rapid imperial expansion (1881-1914) during which european powers divided ajd colonised almost the entire continent of Africa |
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Geopolitics |
The idea that power derives from territorial dominance of strategic areas. This became increasingly prevalent in imperial thinking for example the percieved need to conttpl egypt to sagegua4d imperial possessions in india |
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Tariff |
A tax on imports and exports normally charged by customs officers operating at offical ports. Its putpodr to generatr revenue for the government or discpirage foreign merchants from trading particular goods |
