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Natural resources- Material, such as wood, gold, salt,cotton, that occurs in nature and can be traded or made into a product that can be traded.

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Favorable Balance of trade- When a country has more exports. (items they sell to other countries than imports)(items they buy from other countries)

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Slavery- Being owned  or in bondage to another person; the practice or system of one person owning another personor people.

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Marketplace/Market- A place  where goods are offered for sale.

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Market Economy- A  system in which individual buyers and sellers interact in the marketplace to exchange (trade) goods and services.

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INDENTURED SERVANTS- Servants who worked for for a set period of time to pay off depts of the cost of traveling to the Americas.

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CAPITALISM- Economic system based upon the private  ownership of resources  and production in order to make a profit.

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MERCHENTILISM- The idea that a counrty gains power by building up it's  supply of gold and silver; can be accomplished by taking over land where gold and silver are natural resources or taking over territory where resources are available to create a product to trade; goverment controls the economy.

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COLONY- Settlement in a new territory that keeps close ties to the mother country/homeland.