front 1 Bank of England | back 1 Established in 1694; to act as the English Government's banker and debt manager |
front 2 Banknote | back 2 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. |
front 3 Barter | back 3 Exchange (goods or services) for other goods or services without using money. |
front 4 Check | back 4 A written, dated, and signed draft that directs a bank to pay a specific sum of money to the bearer |
front 5 Command Economy | back 5 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 |
front 6 Commercialization | back 6 The process of managing or running something principally for financial gain |
front 7 Common Land | back 7 Land owned by a person or collectively by a number of persons, over which other persons have certain common rights, |
front 8 Corporation | back 8 A large company or group of companies authorized to act as a single entity and recognized as such in law. |
front 9 Craft Guilds | back 9 Guilds made up of craftsmen and artisans in the same occupation |
front 10 Credit | back 10 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 |
front 11 Economics | back 11 The study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time |
front 12 Enclosure | back 12 Closing off land for personal/private use and benefit |
front 13 Feudalism | back 13 Combination of legal, economic, military, cultural, and political customs that flourished in medieval Europe; Kings > Lords > Nobles > Peasants |
front 14 Hanseatic League | back 14 Organization founded by north German towns and German merchant communities abroad to protect their mutual trading interests |
front 15 Incentive | back 15 Motive that encourages someone to do or buy something |
front 16 Joint-Stock Company | back 16 Business entity in which shares of the company's stock can be bought and sold by shareholders |
front 17 Liberty | back 17 Being free within society from oppressive restrictions imposed by authority on one's way of life, behavior, or political views. |
front 18 Private Property | back 18 A legal designation for the ownership of property by non-governmental legal entities |
front 19 Market Economy | back 19 An economic system in which individuals, rather than the state, own most of the resources |
front 20 Mercantilism | back 20 A form of economic nationalism that sought to increase the prosperity and power of a nation through restrictive trade practices |
front 21 Mint | back 21 A place where money is coined, especially under state authority |
front 22 Minted Coins | back 22 Coins produced and minted as national currency |
front 23 Natural Rights | back 23 Inevitable rights that everyone is born with; idea by John Locke |
front 24 Profit | back 24 Financial gain |
front 25 Proto-industrialization | back 25 The regional development, alongside commercial agriculture, of rural handicraft production for external markets |
front 26 Tariffs | back 26 Custom tax imposed on imports |
front 27 Trade | back 27 Action of buying and selling goods and services |
front 28 Urbanization | back 28 Process of making an area more urban |
front 29 Value | back 29 The agreed upon monetary worth of a good or service |
front 30 Venture Capitalists | back 30 Investors who form limited partnerships to pool investment funds |