1. Exploration Vocab & Columbian Exchange

2. Import To buy from other countries (goods coming in, money going out)

3. Export To sell to other countries (goods are going out, money is coming in)

4. Mercantilism idea that a country can gain power by building up its wealth by trading with other countries (exporting and importing)

5. Mercantilism An economic system where wealth is finite (limited). Ideas of Mercantilism:  There is a finite amount of wealth in the world.  A nation can only grow rich at the expense of other nations.  Therefore, a nation should try to achieve and maintain a favorable trade balance, exporting more than it imports.

6. Imperialism When one country controls another country through economic, political, or military means.

7. Treaty of Tordesillas Up to this time the two major powers exploring the world were Spain and Portugal. These nations worried that their new territories would be taken by each other, or by others. In order to protect their new empires, these nations looked to the Pope for help. The Pope came up with the idea that the lands to the east of the boundary line drawn (even ones that weren’t discovered yet) would belong to Portugal and the lands to the west would belong to Spain. The treaty was signed by the kings of Spain and Portugal in 1493.

9. Merchant A person who sells goods

10. Columbian Exchange Exchange or trading of goods across the Atlantic Ocean Goods, technology, ideas, disease, and even people Global trade

11. New world = Americas Old world = Europe, Africa, and Asia