Chapter 1: Economic Development

1. Economic Development
- Economic Development is the creation of wealth from which community benefits
are realized. It is more than a jobs program, it's an investment in growing your
economy and enhancing the prosperity and quality of life for all residents. Economic
development means different things to different people.
2. Galleon Trade
- The Galleon Trade was a government monopoly. Only two galleons were used:
One sailed from Acapulco to Manila with some 500,000 pesos worth of goods,
spending 120 days at sea; the other sailed from Manila to Acapulco with some
250,000 pesos worth of goods spending 90 days at sea.
3. Monopoly
- A monopoly refers to when a company and its product offerings
dominate a sector or industry. The term monopoly is often used to
describe an entity that has total or near-total control of a market.
4. Export Trade
- Export trade is a sub-division of international trade where goods produced in
one country are transported to another country for sale or trade and as a crucial
element of a country's economy, exports stimulate economic growth.
5. Ports
- a town or city with a harbor where ships load or unload, especially one where customs
officers are stationed.

II.
A. Critical Thinking

1. Was Governor General Jose Basco correct in his own decision when he
insti tuted intended to free the economy from dependence from Chinese
and Mexican? Defend your answer.

- Filipino farmers and traders finally had a taste of prosperity when

Governor General Jose Basco y Vargas instituted reforms intended to free
the economy from its dependence on Chinese and Mexican trade. Basco
implemented a “general economic plan” aimed at making the Philippines
self sufficient. He established the “Economic Society of Friends of the
Country”, which gave incentives to farmers for planting cotton, spices,
and sugarcane; encouraged miners to extract gold, silver, tin, and
copper; and rewarded investors for scientific discoveries they made.

2. What was the general economic plan of Governor General Basco for
the Philippines?
- Filipino farmers and traders finally had a taste of prosperity when
Governor General Jose Basco y Vargas instituted reforms intended to free
the economy from its dependence on Chinese and Mexican trade. Basco
 implemented a “general economic plan” aimed at making the Philippines
self sufficient.

3. There were provinces who were ordered to plant tobacco. Were

these provinces to plant tobacco other than those specifically
mentioned?
-