Age of Discovery || World History CP

Asante Kingdom

kingdom that emerged in the 1700s in present day Ghana and was active in trade in enslaved people

Osei Tutu

a military leader and first ruler of the Asante empire in present day Ghana. From there, he conquered neighboring people and faced a challenge with Denkyera.

Monopoly

Complete control of a product or business by one person or a group.

Oyo Empire

the empire arose from successive waves by the Yoruba people and it used wealth from trade, including slave trading, to maintain a trained army and to eventually conquer the neighboring Dahomey kingdom.

Columbian Exchange

starting w/ Columbus’ voyages to the Americas, a global exchange of goods such as plants, animals, ideas, and diseases

Commercial Revolution

time of economic growth through inflation, investing, & capitalism → in europe

Inflation

Economic cycle that involves a rapid rise in prices linked to a sharp increase in the amount of money available.

Price Revolution

Period in European history when inflation rose rapidly because of the Europeans bringing back gold and silver from America.

Capitalism

Economic system in which the means of production are privately owned and operated for profit.

Free enterprise system

An economic system, also known as capitalism, in which private businesses are able to compete with each other with little control by government. Products, prices, and services are driven by free market laws of supply and demand rather than government regulations.

Entrepreneur

Business people who assume financial risk in the hope of making a profit.

Mercantilism

Policy by which a nation sought to export more than it imported in order to build its supply of gold and silver.

Tariff

Tax on imported goods