Bank of England
Established in 1694; to act as the English Government's banker and debt manager
Banknote
Also called a bill, paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand.
Barter
Exchange (goods or services) for other goods or services without using money.
Check
A written, dated, and signed draft that directs a bank to pay a specific sum of money to the bearer
Command Economy
Aka planned economy; type of economic system where the distribution of goods and services or the investment, production, etc., takes place according to economic plans
Commercialization
The process of managing or running something principally for financial gain
Common Land
Land owned by a person or collectively by a number of persons, over which other persons have certain common rights,
Corporation
A large company or group of companies authorized to act as a single entity and recognized as such in law.
Craft Guilds
Guilds made up of craftsmen and artisans in the same occupation
Credit
The trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately, but promises either to repay or return those resources
Economics
The study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time
Enclosure
Closing off land for personal/private use and benefit
Feudalism
Combination of legal, economic, military, cultural, and political customs that flourished in medieval Europe; Kings > Lords > Nobles > Peasants
Hanseatic League
Organization founded by north German towns and German merchant communities abroad to protect their mutual trading interests
Incentive
Motive that encourages someone to do or buy something
Joint-Stock Company
Business entity in which shares of the company's stock can be bought and sold by shareholders
Liberty
Being free within society from oppressive restrictions imposed by authority on one's way of life, behavior, or political views.
Private Property
A legal designation for the ownership of property by non-governmental legal entities
Market Economy
An economic system in which individuals, rather than the state, own most of the resources
Mercantilism
A form of economic nationalism that sought to increase the prosperity and power of a nation through restrictive trade practices
Mint
A place where money is coined, especially under state authority
Minted Coins
Coins produced and minted as national currency
Natural Rights
Inevitable rights that everyone is born with; idea by John Locke
Profit
Financial gain
Proto-industrialization
The regional development, alongside commercial agriculture, of rural handicraft production for external markets
Tariffs
Custom tax imposed on imports
Trade
Action of buying and selling goods and services
Urbanization
Process of making an area more urban
Value
The agreed upon monetary worth of a good or service
Venture Capitalists
Investors who form limited partnerships to pool investment funds