| A | B |
|---|
| Commerical Revolution | a time when new ways of doing business and trade were created |
| import | to bring goods into a country from another place |
| export | to send goods from one country to another place |
| capital | $$$ that is put into a business |
| interest | a charge for the use of borrowed $$$ |
| joint-stock company | business that raises capital by selling stock |
| stock | shares of a company |
| shareholders | people who buy stock in a company and therefore own the company |
| trading voyage | trip in which merchant ships sailed from Europe to Asia or America to obtain goods to sell in Europe |
| insurance | first used to protect against the loss of merchant ships and goods |
| capitalism | economic system in which people (not the government) own and control businesses |
| mercantilism | plan in which countries try to export more than import so that the country can become rich |
| tariff | tax on imported goods |
| colonies | an important source of raw materials to the Europeans |
| Seven Years' War | began because of competion among European nations for wealth and power |
| Great Britain | winner of the Seven Years' War |
| middle class | grew larger because people in the lower class became merchants, traders, and bankers |
| standard of living | the amount of wealth and comfort people enjoy; it increased during the Commercial Revolution |
| inflation | rise in prices; it can hurt people if wages do not increase at the same time |
| wage | $$$ paid for work done; it did not keep up with inflation during the Commercial Revolution |
| slave trade | because workers were needed in the colonies, it brought huge profit |
| commerce | business |
| manufacturing | the making of goods to sell |
| gold and silver coins | the principal form of money during the Commercial Revolution |
| England/Scotland | created Great Britain when they joined together in 1707 |
| Italian city-states | were no longer the center of commerce- Great Britain, France, and the Netherlands became the commercial centers |
