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KEY TERMS - Key Terms Unit 1 Entrepreneur Innovative...

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Key Terms Unit 1 Entrepreneur Innovative business people who attempt profit by risk. Josiah Wedgewood was an example. They helped with technological and agricultural improvements. In the case of Wedgewood, he was the first one to market and create a brand name. Important because they helped drive the technological advances of the Middle Ages. Commercial Revolution of the Middle Ages European economic expansion, colonialism and mercantilism. Occurred during the central and late middle ages. Had its roots in the countryside but was spurred by European powers building vast networks of international trade which in turn generated a great deal of wealth. This growing global economy was based on silver which allowed the purchase of goods like Chinese spices which Euorpeans desired but had nothing of similar interest for which to exchange it. Until this time there had been no economic theory. Three-Field Agricultural System Two field Was not working very well so three-field agricultural system developed Developed during the early middle ages in the times of manorialism. Three fields: 1/3 would remain fallow, 1/3 sown in spring, harvested in summer, 1/3 sown in fall, harvested in summer. Widespread in northwestern Europe by the 11 th century Improved diet because of more crop production and less reliance on only one time of crop. Also increased yield by 50% Heavy-Wheeled Plough Light-wheeled plough was used in the Mediterranean often but it was to light to cut the ground in Europe. Thus, the heavy-wheeled plough was invented and was in use in northwestern Europe by the 11 th Century on manors. The heavy-wheeled plough cut the ground and improved agricultural production. Important because it represented one of the many agricultural innovations. Shows that people are learning to become efficient and are increasing productivity. All innovations increase production and trade and demonstrate that the Commercial Revolution had routes in the countryside. Guilds Developed in the 12 th and 13 th century.
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Created by artisans or merchants to govern an aspect of a common activity. Members would have to take oaths to the guild and to providing mutual assistance. For artisans they were almost like unions or business associations that regulated, salaries, working conditions, hours and often inspected quality of goods. Important because many guilds eventually became municipal governments and this was the first form of municipal government. Fairs Annual or bi-annual religious festivals usually held to celebrate a local patron or saint. Fairs could last anywhere between a couple days to 6 weeks. Since many towns celebrated different religions, fairs could be held at different times all year.
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