Economical+Vocabulary

Economical Aspects of American History

· Charter - a document, issued by a sovereign or state that outlines the conditions under which a corporation, colony, city, or other corporate body is organized, and defines its rights and privileges(Lacey Shoman) -- Joint-stock company: an economic arrangement where many investors pool together their capital for investment - Jessica Q. Voyageurs: Frenchmen in America that traveled around recruiting Native Americans to help them catch beavers and trade furs. (Lacey O)
 * Orinoco tobacco: The hybrid strain of tobacco that drove Europeans crazy. This tobacco, created by John Rolfe, combined the sweeter strains from South America with the strong ones from North America to create this modern day strain. Mike B.
 * Embargo 1807- Jefferson issued an ending of trade with foreign countries. (Tom O'Brien).
 * Dutch West India Trade Company- Stationed in Brazil and New Netherland in 1623-24. Anthony Szuhay
 * -Triangular Trade- A route in which the first way exported goods from New England to the West Indies, the second slaves came from Africa to the West Indies, and third in which Rum went to Africa from America (Kelly A)
 * John Rolfe: father of tobacco industry Christina G.
 * Brown Gold: a termed used that refers to tabacco (brown--the color of tabacco gold--"gold pot" for money) Ashton H
 * Godspeed - One of three ships sent by the Virginia Company to the New World to establish a colony in order to make money. Nathan McMahon
 * Encomienda: A Spanish ruling that allowed colonists in the Americas to demand tribute and take the natives basically as slaves. (Jared Hedges)
 * Brown Gold- a name for the tobacco that was cross bred by John Rolfe that finally made the Jamestown colony prosperous. TJones
 * Prawns-any various shrimplike decapod crustaceans of the genera (Jenelle C)
 * Sir Walter Raleigh: English courtier, navigator, colonizer, and writer. He campaigned in Ireland and Cádiz, explored Guiana, colonized Virginia, and introduced tobacco and the potato to Europe. Scott H.
 * Molasses Act: Passed by parliament, aimed at squelching North American trade with the French West Indies. Steve A
 * Triangular Trade- Trade between the western coast of Africa, to the Caribben and North American colonies, back to England.(Steve A)
 * Navigation Laws: During the 17th century these laws required the use of English or colonial ships to carry English trade.It was designed to encourage English shipbuilding and restrict trade competition from England's commercial rivals. Nicole Chiappetti
 * The Columbian Exchange: a trade route that included the Old World, New World, and Africa in which they traded plants, animals, food, slaves, and diseases -Jessica Q
 * Headright System - This started in 1618 as an attempt to solve labor shortages for the tobacco economy. It was also a way to attract immigrants to Virginia. If a rich man paid for a person's voyage they would have to work for him for five to seven years, and after that time was up the indentured servant would get fifty acres of land. (Kyle Sherman)
 * Tariff - A list or system of duties imposed by a government on imported or exported goods. (Kyle Sherman)
 * Cash Crop~ A cash crop is a crop that is only grown to be sold through trade. It benefits the colony because it helps make a better economy. Virginia's cash crop was the new tobacco that the Europeans loved. Badia Saed
 * Virginia Company Charter- a joint stock company and a group of investers that financed the expedition to the New World(Lacey Shoman)
 * Mercantilism - A type of economy that is controlled by the government. Everything is done to better the country (concerning everything from slaves to colonies). (Jared H.)
 * "Poor Man's Crop" & "Rich Man's Crop" - These were nicknames given to tobacco and sugar cane, respectively. (Jared H.)

-Philanthropist: person who donates money for advancement of a specific idea or group (Eric G.) Regulate Trade- a power given to the federal government in the Constitution that allows the federal government to monitor internal and foriegn trade which allowed for taxes and protective tariffs (Tomas Brandt) First United States Mint- it was built in Philadelphia in 1792 when the First Bank of the United States was approved and it was not moved to Washington DC with the rest of the federal establishments and it issued a single uniform coinage, a 1828 law ensured that the Mint would not move Huron- was the trade networks for Samuel de Champlain! (Badia Saed) -Direct Tax- a tax that is implemented on all citizens (Brandon Grant) -Indirect Tax- a tax that is implemented on a specific class of citizens, or specific product (Brandon Grant) Excise tax- Taxes imposed on luxury items. (Anne Marie B) Poll tax- a tax of a fixed amount per person levied on adults and often linked to the right to vote (Jenelle C) slavery-human being is considered to be the property of another, and has to perform tasks for their owner without any choice or face punishment -Mike L Declaratory Act- This act gives British Parliament the exclusive right to pass whatever laws they want in the colonies (Mike Beckman) Townshend Acts- These acts passed in 1767 put duties (taxes) on all products shipped to Britanin from the colonies. This of course jacked up the prices of the products sent from Britain to the colonies. (Mike Beckman) -Monopoly: A business that is the sole supplier of a particular good or service. Regulated monopolies, such as electric utilities, are generally restricted as to the returns they are permitted to earn. Other monopolies such as firms with unique products or services derived from patents, copyrights, or geographic location may be able to earn very high returns. (Nicole Chiappetti) Iron Act- Passed by Parliment in 1750, limiting the growth of the iron industry in the American colonies to protect the English iron industry. Scott H. Townshed Revenue Act- Passed by Parliment in June of 1767, imposing a new series of taxes on the colonists to offset the costs of administering and protecting the American colonists. Items taxed include imports such as paper, tea, glass, lead and paint. Scott H. External Tax- A tax that was put on the colonists that came from Britian. (Steve A) Internal Tax- A tax that the colonists gave themselves. (Steve A) Stamp Act - a direct tax placed on the colonists that taxed every printed document - Jessica Q. -"No taxation without representation"- The colonies were being taxed for products without having a voice in parliment. (Ashley Neubeck) - Quartering Act- An act which ensured that any soldier can go to a house and annex it no matter what. -Nicholas Gass - British East India Company: The trading company which monopolized the selling of tea in the 13 colonies. (Anthony Szuhay) Fur Trade- Native Americans trading their native furs of the wild animals to the English colonists for things such as guns (Matt Dexheimer) The Fugio Cent- was the first coin that was authorized by Congress in 1787. This coin was minted by a private company and remained in circulation until the 1850s. The coin has a fugio and a sun dail that represents time flying. (Badia Saed) -Trade Deficit- an excess of imports over exports (Iris S) -Tariff- a tax on imported goods that generate revenue directly to the government and protect domestic goods by increasing the price of otherwise much cheaper goods -Tomas Brandt Hamilton Tariff- one of the first taxes imposed by theU.S federal government that provided a steady income for the Government. Tjones Revenues: money for the government that comes from the taxes place on the product (T Pooley) Assumption - Hamilton's proposition that the national government as a whole should pay for the massive war debt following the Revolutionary War. This was opposed by Jefferson, who felt it should be each individual state's responsibility to pay for themselves. (Jared H.) -Bank of the United States: a bank created by Alexander Hamilton to help pay off the national debt from the American Revolution (Jessica Q) Clay's American System-created after the War of 1812 to use federal money to help pay for road work, bridge work, and anything that needed to be done to help the industries and the national bank, included a protective tariff (Lacey Olson). Report Relative to a Provision for the Support of Public Credit - Alexander Hamilton's treatise defending his idea of government assumption of the country's war debt. (Jared H.)

Market Economy~ an economy based on the division of labor in which the prices of goods and services are determined in a free price system set by supply and demand. Badia Saed Iron Horse~ was the first train and railroad. Trade was easily transported from point a to point b. Badia Saed