No Bull Economics Lessons

Macroeconomics & Microeconomics Concepts You Must Know

Review: Age of Exploration & the Atlantic (Chapter 19-20)

  • Causes of European Exploration - Desire to spread Christianity; Desire for new sources of wealth; Technological advances; Competitive spirit of European nations; "God, glory, and gold."
  • Prince Henry - Opens a navigation school in Portugal that taught mapmaking, shipbuilding, scientists, sea captains, and instrument making. 
  • Bartolomeu Dias - Portuguese explorer who sailed around Africa after a storm blew his ships around the Cape of Good Hope in 1488.
  • Vasco da Gama - Portuguese explorer who sailed around Africa to reach India in 1498.
  • Christopher Columbus - Seeking alternate route to the riches of Asia, sails west and ends up in the Bahamas; He thinks he is in the East Indies; 1492.
  • Treaty of Tordesillas - Agreement between Spain and Portugal; Dividing line (Line of Demarcation) in the Atlantic Ocean that decided ownership of land; Moderated by Pope Alexander IV in 1493.
  • Ferdinand Magellan - Portuguese explorer that reached the Pacific Ocean by sailing around South America in 1519.
  • Conquistadors - Successful conquerors from Spain; Brought armor, horses, guns, diseases, and exploitation to the Americas.
  • Hernando Cortes - Spanish conquistador that conquered the Aztecs led by Montezuma II in 1521 (Mexico).
  • Francisco Pizarro - Spanish conquistador that conquered the Incan Empire led by Atahualpa in 1532 (Peru). 
  • Encomienda - System where Native Americans were forced to work on farms and dangerous mines for their Spanish landlords. 
  • Atlantic Slave Trade - Buying and selling of Africans for work in the Americas.
  • Triangular Trade - Slaves to America from Africa; Sugar, molasses, wood, fur, timber from America to Europe; Guns, cloth, iron from Europe to Africa; Manufactured goods from Europe to Americas; Gold, ivory, spices from Africa to Europe.
  • Middle Passage - Extremely harsh journey that brought African slaves across the Atlantic to the West Indies.
  • Effects of the Slave Trade - Africa loses its strongest members of society; Africa introduced to guns; Mixed-race populations throughout the Americas; Economic growth from the back-breaking labor of slaves.
  • Columbian Exchange - Exchange of goods between the Americas and Europe, Africa, Asia.
  • Mercantilism - Economic policy where nations use colonies to increase their wealth by obtaining large amounts of gold and silver.
  • Dutch East India Company - Most powerful trading company in Asia; Minted money, made treaties, and raised armies.
  • Zheng He - Chinese Muslim admiral that sailed under the Ming Dynasty; Beginning in 1405 (before the Europeans)Zheng He set sail to Southeast Asia and India, then later to Arabia and Eastern Africa.