APEURO UNIT 3 Commerce, Agriculture, and Slavery

Agricultural Revolution

A period characterized by significant advancements in farming techniques, increased crop yields, and the introduction of new agricultural practices that transformed rural economies and societies in the 15th-17th centuries.

crop rotation

A farming method that involves alternating the types of crops grown on a particular piece of land to improve soil health and increase agricultural productivity; became prevalent in the 15th-17th centuries.

land reclamation

The process of converting degraded or unusable land into productive land, often through drainage, irrigation, or other methods, to enhance agricultural output and improve land use; became prevalent in the 15th-17th centuries.

seed drill

A mechanical device that sows seeds at the proper depth and spacing to improve crop germination and increase yields, significantly impacting agricultural practices in the 15th-17th centuries.

Elizabeth, Countess of Sutherland

inherited vast amounts of land in Scotland and removed hundreds of tenants from her estate, then creating unified acreage for farming and sheep with the help of day laborers, who were cheaper and had no tenancy

tenancy

The conditions under which land is rented or occupied by tenants, typically involving payment and adherence to specific regulations set by the landowner.

potatoes

A starchy tuber that became a staple crop in Europe after its introduction from the Americas, significantly impacting diets and agriculture.

Mechanical Hoe

A farming implement designed in around 1700 to automate the process of tilling soil and cultivating crops, improving efficiency in agriculture.

cottage industry

A small-scale manufacturing business often run from home, where goods are produced by individual artisans or craftspeople, particularly prevalent before the Industrial Revolution.

putting-out system

An early form of domestic production where materials were supplied to households, which then produced goods for merchants, reducing costs and increasing production flexibility; allowed workers to specialize in their trades outside of guilds

guild workers

Members of a professional association that controlled the practice of their craft in a specific area, ensuring standards and regulating trade.

wool industry

The sector involving the production and processing of wool, often focusing on sheep farming, spinning, and weaving to create textiles.

Adam Smith

An influential economist and philosopher in the 18th century known for his works on capitalism and the free market, particularly in his book "The Wealth of Nations." He advocated for self-interest driving economic prosperity.

insurance

A financial product that provides compensation for loss or damage in exchange for regular premium payments, offering protection against various risks; came about during the expansion of trade and commerce in the 17th and 18th centuries.

banks / venture capital

Financial institutions that provide loans and investments to businesses, facilitating economic growth and trade.

mercantilism

a state-driven economic system which emphasizes the buildup of mineral wealth by means of a favorable balance of trade; often associated with absolutism

command economy

An economic system where the government controls and regulates production, distribution, and prices, aiming to achieve specific economic and social outcomes.

market economy

An economic system where production and prices are determined by supply and demand in a free market, promoting competition and consumer choice.

Navigation Acts

Laws passed in the 17th century that regulated colonial trade and enabled England to collect taxes from colonies, restricting trade to English ships.