2. Warm Up Notes/Discussion over Global Trade Exploration Test Oct. 8 Exploration Project due Oct. 15

3. What was the Middle Passage? What was the Columbian Exchange? List three things America got in the Columbian Exchange?

4. Plantation system with the use of African slaves

5. New wealth from Americas & overseas trade led to booming economies in Europe Prompted wave of new business in 16 th and 17 th centuries Served as the root of today’s financial dealings European maritime nations competed for overseas markets, colonies, and resources

6. An economic system based on private ownership and investment of wealth for profit Merchants achieved great wealth and continued to invest overseas New money and banking systems were created

7. A number of people would pool wealth for a common purpose (like a modern corporation) –Less Risk because you only pay a fraction of the cost In the 1500s and 1600s, this was colonization Sent ships to the colonies (great risk – many did not make it) If it failed, you did not lose a lot, but if it returned – shared in profits

8. A country’s power depended mainly on its wealth – goal was to become as wealthy as possible Could increase wealth by: 1) obtain as much gold and silver as possible 2) Establish a favorable balance of trade (sold more goods than it bought) Ultimate goal: Become self-sufficient Worked closely with colonization b/c colonies provided raw materials