Eurocentrism, the belief that European concerns, cultures, and values are superior to those of others, international trade, the exchange of raw materials, goods, and services among distant groups of people, historical fiction, stories set in a specific time and place in history, sometimes using historical characters, mercantilism, a Eurocentric economic policy whereby European monarchs increased their wealth through international trade, monopoly, occurred in the past when a monarch granted one individual or a single company the sole right to gather and trade in a particular good; today, monopolies exist when a business has no competition in a market, such as when a product or service is controlled by one company, HBC, Hudson’s Bay Company, capitalism, an economic system based on free markets, private ownership of business and industry, and the profit motive, free market, an economy in which government does not interfere in business activities; supply and demand are not regulated, or are regulated with only minor restrictions, industrialization, the shift of a country’s major economic activity from agriculture to manufacturing, entrepreneur, r a person who sets up or finances a new business or industry to make a profit, ILO, International Labour Organization.

Chapter 8 Terms

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