A Powerpoint Presentation by Fred M.

Elliott

When one class of people have control of all property and everything of value, including people. These people were called Aristocrats. To make their property more valuable, landowners would allow workers to farm their land and charge them a price. The farmers would pay a percentage of their profit depending on what their crop was or they would give a percentage of their crop to the landowner.

There were many different classes of aristocrats. The following table shows the chain of command on the aristocrats. King and Queen Prince and Princess Duke and Duchess Marquess and Marchioness Earl and Countess Viscount and Viscountess Baron and Baroness Baronet and Lady Knight and Lady Commoners

A economic system that existed in the seventeenth and eighteenth centuries when Feudalism was phasing out. It was believed that if the Government regulated all of the nations commercial interests, then this would increase the nations wealth. This was done by limiting exports via tariffs and maximizing exports.

Capitalism is the system that allows an individual to own different resources and produce these materials into goods and services. People can invest in the company through stock options and receive a portion of the profits.

Exchanging goods between countries or within different parts of the same country.

This is the exclusive right given to a single individual to let him decide how a resource is used whether it is Government or privately owned. This also allows the individual to set the price of a product as well

The time in history when manufacturing process went from hand crafting and labor to modern machinery.

Many people lost their businesses during this time of transition to the new machinery. Many of these people could not keep up with the new industrial age and were forced to quit their business.

Mercantilism definition. (n.d.). Retrieved from http://www.investopedia.com/terms/m/mercantilism.asp (n.d.). Retrieved from http://www.ibiblio.org/wm/paint/auth/lorrain/lorrain.seaport Australian markets start on a flat note. (n.d.). Retrieved from http://www.topnews.net.nz/content/26071-australian-markets-start-flat-note Boxes on the bay- container ships shape the say we live. (n.d.). Retrieved from http://www.sfbarpilots.com/BoxesontheBay/tabid/110/Default.aspx (n.d.). Retrieved from http://dictionary.reference.com/browse/commerce (n.d.). Retrieved from http://www.wtv-zone.com/Mary/OBAMA.HTML Industrial revolution. (n.d.). Retrieved from http://www.britannica.com/EBchecked/topic/287086/Industrial-Revolution

Jones, Initials. (n.d.). Introduction to business: how companies create value for people. Retrieved from Course Website