Columbian Exchange & Latin Revolutions Vocabulary

Flashcards about the Columbian Exchange, Commercial Revolution, and Mercantilism

Columbian Exchange

Global transfer of plants, animals, people, and diseases that occurred during the European colonization of the Americas.

Commercial Revolution

Expansion of trade and business that transformed European economies during the 16th and 17th centuries.

Capitalism

Economic system based on private ownership and investment of wealth for profit.

Joint Stock Company

Business where investors pool their wealth for a common purpose, then share their profits.

Mercantilism

Economic policy where a country's wealth determines its power, specifically by obtaining gold and silver.

Favorable Balance of Trade

An economic situation where a country exports more than it imports, selling more goods than it buys abroad.

Examples of crops received by the Old World

Corn, potatoes, tobacco, tomatoes, cacao, etc.

Things the Americas received from the Old World

Horses, cattle, pigs, bananas, diseases.

What diseases caused the death of millions of Native Americans?

Smallpox and measles

Inflation

Prices rise as supply doesn't keep up with increasing demand.

Two ways a country can increase its wealth according to mercantilism

Increase gold and silver supplies and favorable balance of trade