| A | B |
|---|
| imports | to buy goods from another country |
| exports | to sell goods to another country |
| deficit | imports > exports |
| surplus | exports > imports |
| opportunity cost | what you give up when you choose something else |
| scarcity | the result of limited resources but unlimited wants/needs |
| Columbian Exchange | exchange of people, ideas, and goods between Old World and New World |
| Triangular Trade | exchange of goods between Americas, England, and Africa |
| First Americans | 1st time period, First humans in North America, Nomads to farmers (= “Neolithic Revolution”) |
| Exploration Period | 2nd time period, First Europeans settle in North America, Columbian Exchange |
| Colonial Period | 3rd period, Limited self-government, Economic development through triangular trade |
| Mayflower Compact | 1. Colonists will make own laws and solve own problems, but are still loyal to the King. 2. Representative democracy. 3. Rule of law (laws must be written down and they apply to everyone) |
