All flashcards
Flashcard 1: What major economic shift occurred during the Commercial Revolution?
Answer: Shift from feudal economies to market economies. Money-based commerce replaced traditional agricultural barter systems.
Flashcard 2: What is the significance of the Treaty of Tordesillas (1494)?
Answer: It divided the New World between Spain and Portugal. Established colonial territorial boundaries and trade monopolies.
Flashcard 3: What was the primary motivation for European exploration during the Commercial Revolution?
Answer: To find new trade routes and resources. Economic motives drove Age of Exploration expansion.
Flashcard 4: Which region became a major supplier of silver during the Commercial Revolution?
Answer: The Americas. Spanish colonies supplied silver that flooded European markets.
Flashcard 5: Identify one effect of the Commercial Revolution on global trade.
Answer: Increased intercontinental trade. Connected distant markets and established global commercial networks.
Flashcard 6: What major economic shift occurred during the Commercial Revolution?
Answer: Shift from feudal economies to market economies. Money-based commerce replaced traditional agricultural barter systems.
Flashcard 7: Which innovation reduced risks in overseas trade during the Commercial Revolution?
Answer: Insurance. Protected merchants from losses due to shipwrecks and piracy.
Flashcard 8: Which economic concept involves the export of more than is imported?
Answer: Favorable balance of trade. Central mercantilist goal to maximize national wealth accumulation.
Flashcard 9: What role did colonies play in the mercantilist system?
Answer: They provided raw materials and served as markets for goods. Classic mercantilist relationship ensuring metropole economic dominance.
Flashcard 10: Which city became a major banking center during the Commercial Revolution?
Answer: Amsterdam. Dutch financial innovations made it Europe's commercial capital.
Flashcard 11: What was the 'triangular trade'?
Answer: A trade system among Europe, Africa, and the Americas. Connected three continents through systematic commercial exchange.
Flashcard 12: What is the significance of the Treaty of Tordesillas (1494)?
Answer: It divided the New World between Spain and Portugal. Established colonial territorial boundaries and trade monopolies.
Flashcard 13: What was the primary motivation for European exploration during the Commercial Revolution?
Answer: To find new trade routes and resources. Economic motives drove Age of Exploration expansion.
Flashcard 14: Which economic practice involved buying goods at a low price to sell at a higher price?
Answer: Arbitrage. Fundamental commercial strategy exploiting regional price differences.
Flashcard 15: Identify one major trade route during the Commercial Revolution.
Answer: The Atlantic Slave Trade. Connected Africa, Americas, and Europe in forced labor system.
Flashcard 16: What was the main commodity traded by the Dutch in Asia?
Answer: Spices. Dutch East India Company controlled lucrative Asian spice markets.
Flashcard 17: What was the 'Columbian Exchange'?
Answer: The exchange of goods and ideas between the New and Old Worlds. Transformed global agriculture, cuisine, and population patterns.
Flashcard 18: Which commodity had a significant impact on the English economy during the Commercial Revolution?
Answer: Wool. Textile industry became England's primary export source.
Flashcard 19: What was one effect of the Price Revolution on European economies?
Answer: Devaluation of currency. Excessive silver supply reduced purchasing power across Europe.
Flashcard 20: Which region became a major supplier of silver during the Commercial Revolution?
Answer: The Americas. Spanish colonies supplied silver that flooded European markets.
Flashcard 21: What was the primary purpose of tariffs in the mercantilist system?
Answer: To protect domestic industries from foreign competition. Mercantilist policy protecting national industries from foreign goods.
Flashcard 22: Identify one effect of the Commercial Revolution on global trade.
Answer: Increased intercontinental trade. Connected distant markets and established global commercial networks.
Flashcard 23: What was the role of the Spanish Armada in the Commercial Revolution?
Answer: To protect Spanish trade routes. Naval power secured Spanish monopoly over American trade.
Flashcard 24: Which European country was known for its early financial innovations?
Answer: The Netherlands. Dutch Republic pioneered banking, insurance, and stock exchanges.
Flashcard 25: What was the role of the British Navigation Acts?
Answer: To regulate colonial trade and enable British economic control. Mercantilist legislation ensuring colonial trade benefited Britain exclusively.
Flashcard 26: What was the economic impact of the introduction of new crops from the Americas?
Answer: Diversification of European agriculture. New World crops reduced European dependence on traditional grains.
Flashcard 27: Which city became a major banking center during the Commercial Revolution?
Answer: Amsterdam. Dutch financial innovations made it Europe's commercial capital.
Flashcard 28: Which new class emerged due to the Commercial Revolution?
Answer: The bourgeoisie. Merchant class gained wealth and political influence.
Flashcard 29: What was the significance of the Amsterdam Stock Exchange?
Answer: It was the first official stock exchange. Established modern securities trading and financial markets.
Flashcard 30: Which product from the New World had a significant impact on European diets?
Answer: Potatoes. Revolutionized European nutrition and supported population growth.