AP Euro Unit 9

Economics in the 1700's

Commercial Revolution

Huge Expansion of Commerce/ Trade/ Insurance

Mercantilism

Country measured by its accumulated wealth and capital

Colonization

Countries claiming countries for land

Middle Passage

Transporting slaves from West Africa to the Caribbeans

Triangle Trade

Goods taken from Europe, sold in the West Africa and buying slaved, taking the slaves to the Caribbeans and back to Europe

Plantation

Farming land used for Cash Crops

Navigation Acts

Created a monopoly in British Empire to solely buy that countries products

Joseph-Marie-Jacquard

Invents machine that put designs into silk

John Rolfe

Firat person to plant tobacco in Virginia

Privateers

Pirates involved with the government

Dutch East India Company

First transitional system

East India Company

A monopoly

Human Capital

The resources and skills within a city

Self--Sustaining Growth

Nation producing goods that drive economics

Guilds

Like a union, tried to promote free enterprise, strikes, etc…

Le Chapelier Law

1) Banned guilds…2) Tries to promote free- enterprise, and strikes

Mixed Farming

Throwing/ planting many seeds in one area with no organization… left for soil exhaustion

Yeoman Farmers

More professional farmers, people who owned a larger portion of land and were more independent.

Internal Tariff

Tax on internal taxed goods

Customs Barriers

Government-induced restrictions on international trade

Feudal Tolls

People owning roads in an area

External Tariff

Taxes on imported good

Water Meadows

Dam up rivers, flooding an area to grow grass and live stock then draining it.

Cottage Industry System

Any and handmade objects…specifically picking cotton away from seeds like in slavery

Proto-industrialization

Buy items when they are finished, children could work, people specialized in certain work places

Bank of England

Allowed people to take in Funds(deposits) and lend them to those who needs funds

Limited-Liability Corporation

Allowing people to legally declare their business

Jethro Toll

Invented the Seed Drill

Seed Drill

A mechanical how that implants holes to put seeds in

Mechanical hoe

A hoe that helps plant seeds

Joseph Foljambe

Invented the Cast Iron Plow

Thresher

Separates stock from grain

Spinning Jennt

Takes fiber and spinds it into spindles

James Hargreaves

Invents spinning Jenny

Water Frame

Enables water to run spinning Jenny

Richard Arkwright

Invented the Water frame

Spinning Mule

Enables a single worker to make thousands of spindles

Samuel Compton

Invents spinning mule in 1779

Cotton Gin

Pics cotton apart from seeds…possibly led to the end of slavery because there was no use for labor anymore

Eli Whitney

Invents cotton gin in 1793

Steam Engines

Used in factories which led to high paying jobs

Enclosure movement

Enclosing famrs with fences to make them private and more professional