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Sect. 1 and 2 Vocab - History

Terms

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Free Enterprise
economic system in which there is competition between businesses with little government
Parliament
England's national legislature; bicameral legislation
Mercantilism
practice of creating and maintaining wealth by carefully controlling trade
Duties
taxes on imported goods
Balance of Trade
relationship between what goods a country purchases from other countries and what goods it sells to other countries
Exports
items that a country sells to other countries (shipped out)
Triangular Trade
trading network in which goods and slaves moved among Engalnd, the American colonies, the West Indies, and West Africa
Libel
a false statement, usually published, that damages a person's reputation
Bicameral Legislature
a lawmaking body made up of 2 houses
Imports
items that a country purchases from other countries (brought in)
Town Meeting
political meeting at which people make decisions on local issues; used primarily in New England

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