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Bell Ringer 9/8/2014

Bell Ringer 9/8/2014. One good multiple choice question on each card…. Question and four options on front A nswer on the back. On what we learned so far. Age of Exploration – Mercantilism 7-1.4. 1. Export 2. Import 3. Mercantilism 4. Capitalism 5. Market Economy 6. Balance of Trade

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Bell Ringer 9/8/2014

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  1. Bell Ringer 9/8/2014 • One good multiple choice question on each card…. • Question and four options on front • Answer on the back. • On what we learned so far.

  2. Age of Exploration – Mercantilism 7-1.4 • 1. Export • 2. Import • 3. Mercantilism • 4. Capitalism • 5. Market Economy • 6. Balance of Trade • 7. Tariffs • 8. Middle Class • 9. Entrepreneur • 10. Capital

  3. Europeans Expansion and Business Standard 7-1.3 and 7.1.4

  4. 1. Economic Changes in Europe Resulted from…….. • Growth of International Trade • Discovery and colonization of New World • Growing Middle Class • Complex Economy

  5. 2. The Columbian Exchange • This movement of goods, ideas, people, and disease across the Atlantic is called the Columbian Exchange.

  6. 3. Mercantilism • European countries believed the more bullion (gold and silver) the more powerful you were. • Government sought to control and regulate trade- balance of trade.

  7. 4. Mercantilism step-by-step A. First- you had to export more than you imported. B. Second- build colonies- they will give you raw materials and products that you don’t have so you can export them and provide a market for finished products.

  8. 4. Steps Continued C. Third- keep foreign goods out of your country with high tariffs, or taxes. D. Fourth- increase imports by preventing colonies from trading with other nations- colonies can only trade with the mother country.

  9. 5. Commercial Revolution • Merchants had to learn the way of supply and demand. Demand supply • If business have a lot of a certain item and people do not want it, they set a low price so people will buy it.

  10. Entrepreneurs • Entrepreneurs risk money in hopes of earning a profit. • Some projects were too large for one person so joint-stock companies were formed.

  11. New Class of People- Middle Class • Merchants and businessmen • Take risks to make a profit off of international trade • Contributed to a growing market economy

  12. What is a market economy? • Economic system based on the exchange of goods and services for the purpose of making capital- money • The market place

  13. What creates Capitalism? • Mercantilism • International Trade • Rise of the middle class • Developing market economy • In 1776, Adam Smith wrote a book called “The Wealth of Nations.” In the book, he argued that mercantilism only made the state rich, and only for a short time. He argued that the people could make more money from a system called capitalism.

  14. 6. Capitalism • During the commercial revolution, Europeans began relying on people not governments to own property, make goods and buy and sell them freely, the foundations of capitalism. • Driven by the desire to make a profit.

  15. Video quiz • What were the navigation acts? • Give two things the navigation acts did? • Who passed them? • When were they passed? • Give one positive outcome of the navigation acts? • Who opposed the navigation acts?

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