Studied by 6 people
Capital
money or property that is used for investment to make more money
Capitalism
an economic and political system in which a country's trade and industry are controlled by private owners for profit.
means of production
the factories, machines, tools, raw materials, land, and financial capital needed to make things
means
a way to get something accomplished
market economy
Economic decisions are made by individuals or the open market, rather than the government
Entrepreneur
A person who organizes, manages, and takes on the risks of a business.
Medici
A powerful Italian family of bankers and merchants whose members effectively ruled Florence for much of the 15th century
Fuggers
leading banking family of Germany during the 15th and 16th century
money economy
an economic system based on money rather than barter
barter economy
economic system in which one set of goods or services is exchanged for another
double-entry bookkeeping
Bookkeepers record all transactions in two places so they can check one list of transactions against the other for accuracy.
joint-stock company
A company made up of a group of shareholders. Each shareholder contributes some money to the company, sharing the risk with others and receiving some share of the company's profits in exchange
stock
A share of ownership in a company
Dividends
payments of cash from a corporation to its stockholders
Dutch East India Company
a trading company established by the Netherlands in 1602 to protect and expand its trade in Asia
British East India Company
A joint stock company that controlled most of India during the period of imperialism. This company controlled the political, social, and economic life in India for more than 200 years.
Genoa
A seaport town in Italy
Amsterdam
Major trading port and financial center in the Netherlands
London
Capital of England and the center of Banking and Stock Exchange in England
commerce
the buying and selling of goods and services; trade
hierarchy
a system or organization in which people or groups are ranked one above the other according to status or authority.
Manor
A large estate, often including farms and a village, ruled by a lord.
landlord
owner of rental property
Peasants
people who worked the land or served the nobles
Serfdom
Institution in which a peasant is attached to a feudal estate and is not free to leave
subsistence agriculture
Agriculture designed primarily to provide food for direct consumption by the farmer and the farmer's family, rather than to sell in a market for profit
Little Ice Age
A century-long period of cool climate that began in the 1590s. Its bad effects on agriculture in northern Europe were notable.
Great Plague
Recurrence of the Black Death in England 1665-1666
open-field system
division of large fields into long, narrow strips that are each then farmed by individual peasants.
the commons
land or resources belonging to the whole of a community. Such as a grazing field for animals.
crop rotation
The planting of different crops in a field each year to maintain the soil's fertility.
two-field system
planting crops on only half of the cultivated land, leaving the other half to lie fallow (unplanted) for a year to recover its fertility
three-field system
A rotational system for agriculture in which one field grows grain, one grows legumes, and one lies fallow.
fallow
a plowed field that is not planted in order to let the soil "rest".
Inflation
A continuous rise in the price of goods and services
Price Revolution
increase in prices in 16th century-inflation-increased demand for goods-in part because of an influx of gold and silver from the Americas
Commercial Agriculture
Agriculture undertaken primarily to generate products for sale off the farm for a profit.
Enclosure Movement
practice of fencing or enclosing common lands into individual holdings, which happened in the 18th c in England.
agricultural commodities
staple crops and animals produced or raised on farms or plantations to be sold in the market for a profit
Migrants
people who leave their homes to work for a time in other regions or countries
Note 
Flashcard (43)