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 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?