American History vocab 13 colonies

Perspective

A particular attitude toward or way of regarding something; a point of view

Property rights

The exclusive authority to determine how a resource is used

Market

Any place where two or more parties can meet to engage in an economic transaction

Supply

A fundamental economic concept that describes the total amount of a specific good or service that is available to consumers.

Demand

A consumer’s desire to purchase goods and services and willingness to pay a specific price for them.

Cost

The total expenditure incurred when utilizing economic resources to produce goods and services.

Consequence

Effect of an incident

Resource Allocation

The assignment of available resources to various uses.

Precedent

Something that is done or said that becomes an example for others to follow.

Joint Stock Company

A company in which investors buy stock in return for a share of the company’s future profits.

Charter

A document granting the holder the right to settle a colony.

Dissent

The expression or holding of opinions that differ from those previously

Persecute

To mistreat peoples or groups on the basis of their beliefs.

Cash Crop

A crop raised for sale in market

Legislature

lawmaking branch of government

liberty

The state of being free within society from oppressive restrictions imposed by authority by one’s way of life

Mercantilism

An economic theory that a nation’s power depends on its ability to increase wealth by increasing exports and receiving precious metals.

Monopoly

A market where there is only one provider of a good or service.

Import

To bring in goods from foreign countries.

Export

To sell goods to other countries; a good made in one country and then sold to another.

Primary Source

An account or record (such as a first-hand account) reflecting direct experience of a historical event.