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- The changing nature of trade and business, most notably thecreation of a global economy, in this period was known as....- Beginning in Europe in the early 1500s, nations competed to expand their empires overseas.- The establishment of large colonial empires generated great wealth for many European nations and led to the establishment of new business practices, includingjoint-stock companies.- As population increased in the 16th and 17th centuries, demand for goods also increased, which led to the worldwide circulation of silver (from the Americas).

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