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10 Cards in this Set
- Front
- Back
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mercantilism
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transactions (sales and purchases) having the objective of supplying commodities (goods and services)
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free-enterprise
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subscribing to capitalistic competition
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mother country
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the country where you were born
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goods and services
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Goods would be defined as anything that anyone wants or needs, services would be the performance of any duties or work for another
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merchant
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a businessperson engaged in retail trade
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economics
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the branch of social science that deals with the production and distribution and consumption of goods and services and their management
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competition
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a business relation in which two parties compete to gain customers
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profit
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gain money or materially, derive a benefit from
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regulate
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bring into conformity with rules or principles or usage
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triangular trade
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a pattern of colonial commerce in which slaves were bought on the African Gold Coast with New England rum and then traded in the West Indies for sugar or molasses, which was brought back to New England to be manufactured into rum
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