Mercantilism

Know the key goal(s) underlying the mercantilist system

Mercantilism aimed to build a wealthy, self-sufficient, and powerful state by maximizing exports, minimizing imports, and controlling colonial trade.

Know the relationships between the mother country and the rival country and how various terms factor in

the mother country wants to maximize exports to create the most money and minimize imports but also tax all imports (tariffs) rival country would have wars with naval of mother country.

Tariff

tax on imported goods

Subsidies

paying a factory to produce goods at a lower cost to make more profit when selling.

Smuggling

When a rival country and colony trade, exchange goods secretly instead of giving to mother country.

Raw Materials

produced by colonies.

Poor Laws

if you where poor you would have to work at a factory with low pay producing goods and if you didint want to you would work there and get no pay.

Mother country

The homeland or parent nation that governs and benefits from its overseas colonies.

Mercantilism

An economic theory in Europe to create the most power and wealthy country. 

Merchant Marine

used to transport goods from mother country to colony or other way around also used in war.

Manufactured goods

turning raw materials into factory packaged goods.

Joint Stock Company

A Joint Stock Company is letting people invest together which is buying shares of the stock to fund big projects and share profits.

import

prduct brought into the mother country

export

product sold or brought away.

investors

they bought shares of the mother countries factory to profit off the sales.

pirates

stole goods that where in the middle of being exported and imported.

navy 

where there to stop pirates from stealing. 

monarchs

the leader of the mother country and ran the join stock factories.