Title: Welcome Back!
1(No Transcript)
2Welcome Back!
3Pre-Columbian America Review
- As you walk around the room, observe each poster
about the Maya, Inca, and Aztec. Use the
information provided by the posters to answer the
set of questions for each empire - Once you have this completed, get your answers
checked by me and then you can get started on
your concept cards!
4Standard
- Standard 7.63 Explain the origins of modern
capitalism, the influence of mercantilism, and
the cottage industry the elements and importance
of a market economy in 17th century Europe the
changing international trading and marketing
patterns including their locations on a world
map and the influence of explorers and
mapmakers. - In short- What systems of economy developed in
Europe during 17th century? How did Europes
economy in the 17th century influence our system
of economy today?
http//www.jftc.go.jp/en/ippan/part1/market.html
5Capitalism
Privately Owned- owned by either one individual
or by a small group of individuals Opposite of
Communism- government controls the production of
goods services
6Market Economy
Market Economy A capitalistic type of economic
system in which there is free competition and
prices are determined by the interaction of
supply and demand.There is little government
intervention. Opposite of Command Economy-
Government has total control
7What if there was no competition?
8Cottage Industry
Guilds
Cottage Industry business or manufacturing
activity carried on in a person's home.
Guilds a medieval association of craftsmen or
merchants, often having considerable power
9What is Mercantilism?
- Explain the theory of Mercantilism
- What is the best way for a country to get gold
silver?
The key idea of mercantilism is that a countrys
power depends on it wealth.(gold and silver)
A country must export (sell) to other countries,
more goods than it imports (buys) from other
countries
10What is Mercantilism? Colonies
- According to Mercantilism, countries should
establish_______ - What is a colony?
- Colonists provide _________ materials that are
not found or made in the home country. These
materials are then __________ to the home country
to be used for manufacturing. This keeps the home
country from having to do what?
colonies
a settlement of people living in a territory
controlled by their home country
raw
shipped
The home country does not have to buy goods from
other countries
11What is Mercantilism? European trading
posts/colonies in Asia
- Europeans established trading posts and
colonies in __________ and ________________.
Asia
North America
12Document AnalysisManorialism
Based on the diagram, what is one economic
characteristic of the medieval manor?
13Document Analysis Mercantilism
According to the political cartoon, what is one
characteristic of mercantilism from the
perspective of the mother country?
14Manorialism vs Mercantilism
Describe the major differences between
manorialism mercantilism
15Creating Joint-Stock Companies
- As trade flourished and grew, new practices in
business were developed, and a fundamental change
in European society took place. Historians call
this time period ______________ - What is an entrepreneur?
- As overseas trade increased, many projects were
too large for one entrepreneur to pay for. As a
result, groups of entrepreneurs began to form
________________________.
Commercial Revolution
One who organizes, pays for, and takes on the
risk of setting up a business
joint-stock companies
16Creating Joint-Stock Companies
- A joint-stock company is a business in which
________________________________. - What does it mean to invest?_____________________
________________________. - Why do you think an individual would choose to
invest in an overseas trade project?
many people can invest
to put money (stock) into a project in exchange
for a profit
17Mercantilism Cottage Industry influences on
Capitalism
Cottage Industry
18Why were European countries motivated to explore?
Look at the following pictures and see if you
can determine the major reasons for exploration
in the 15th through 17th centuries!
19GOD
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21Homework
- Finish the World Trade Changes Reasons for
Exploration worksheet