Studied by 29 people
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
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
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