1. 7 th Chapter 16-3 Cornell Notes “Origins of Capitalism”

2. Chapter 16-3 Cornell Notes: Terms mercantilism- balance of trade- cottage industry- atlas- capitalism- market economy-

3. Chapter 16-3 Cornell Notes A New Economy Heading 1 mercantilism: government controlled economy system; makes government stronger + richer; main economic policy: 1500 to 1800; balance of trade: exports $ = imports $; colony provides raw materials (not balanced); can only trade with home country (not balanced); trade includes “cottage industry” products.

4. Chapter 16-3 Cornell Notes New Trading Patterns Heading 2 Triangular trade: large trading network between Europe, Africa, and the Americas; Portuguese, Dutch, and English increase Atlantic slave trade. includes raw materials, manufactured goods and slaves;

5. Chapter 16-3 Cornell Notes Performance Task : What was the basic purpose of a mercantilism driven economy?

6. Chapter 16-3 Cornell Notes Power Shifts in Europe Heading 3 mercantilism best in Portugal and Spain at first; but England and France find new trade routes + banking system and now lead; Dutch start new company for trade with Africa + Asia directly. atlas: new book of highly improved maps, improve trading;

7. Chapter 16-3 Cornell Notes Market Economies Heading 4 more wealth = more demand for goods; increasing supply to meet demand basis for “capitalism”; capitalism: new economy driven by people and businesses; capitalism + competition drives a “market economy” where people decide on goods and service to buy.

8. Chapter 16-3 Cornell Notes Question: Which of the following best supports the middle class? 2. manor system 3. capitalism 1. mercantilism