Economic Terms Flashcards

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export

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A product sent from one country to another to be sold.

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import

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A product brought into a country to be sold.

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raw material

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A natural product used in manufacturing, such as wood.

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Mercantilism

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Economic ideas popular in the 1600's and 1700's which suggested that government should limit imports but increase manufacturing and exports.

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Triangular trade

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The trade among Africa, America, and Europe where the colonies exported raw materials and imported tools, tea, clothing, and other manufactured goods.

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classes

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A societal group.

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Barter

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The direct exchange of goods or services for other goods or services, without using money.

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Artisan

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A skilled craftsperson who crates functional or decorative items by hand.