- the answers to estudyassistant.com Why is it important for a country to have more exports than imports? Earn Transferable Credit & Get your Degree. Question # 10 What was the theory of mercantilism? The object of mercantilism was to increase the wealth of the Mother County (Great Britain) in gold and silver. Question: 1) Answer The Following Questions: Reading: Economist Entitled “Slowbalisation” Mercantilism, Protectionism During The 1930s And Import Substitution Industrialization Were Arguably Policies That Worked Against The Forces Of Technological Change. Through wealth, a nation can achieve power. Examples of Mercantilism in a sentence. Answer Mercantilism is an economic system that requires two distinct political entities to exist. The new mercantilism has different goals and focuses on more rapid economic growth based on advanced technology. Read More Answers. Why did kings want their colonies to trade only with their mother country? Mercantilism is an economic theory that advocates government regulation of international trade to generate wealth and strengthen national power. Well, I had a test on this from my professor, and here is what I wroteMercantilism is the idea that a … Services, Delaware Colony Lesson for Kids: Facts & History, Colonial Mercantilism: Quiz & Worksheet for Kids, Mercantilism in the Colonies Lesson for Kids, {{courseNav.course.mDynamicIntFields.lessonCount}}, Middle Passage Lesson for Kids: Definition & Facts, The First Great Awakening Summary Lesson for Kids, The Second Great Awakening Summary Lesson for Kids, Virginia House of Burgesses Facts Lesson for Kids, Life in the Southern Colonies Lesson for Kids, Bacon's Rebellion Facts & Summary Lesson for Kids, Facts About the Bald Eagle as an American Symbol: Lesson for Kids, American Revolution for Elementary School, Americans in History for Elementary School, Prominent Americans for Elementary School, Working Scholars® Bringing Tuition-Free College to the Community, The effect of the 1663 Navigation Act on the 13 colonies, Mercantile events that caused the colonies to become unhappy with Great Britain, Other trading partners of the colonies before the Colonial Pact. The goal of mercantilism is to build wealth, which means any opportunity to do so is encouraged. Mercantilism, which includes protectionism, industrial policy, capital controls, and other distortions to trade, is generally viewed by economists today as unsound economic policy. Answer to Describe the trade theory of mercantilism, give examples, and then see if it applies in any way to today's international trade environment. Relevance. Mercantilism Mercantilism became popular in Europe in the 1500s and was the primary reason behind Europe’s desire to colonize new lands. All other trademarks and copyrights are the property of their respective owners. Under such a system, the role of the government is to play a protectionist role in the economy, encouraging exports and discouraging imports, particularly through the use of tariffs. Age of Renaissance : History of World Multiple Choice Questions Question 1. Answer Mercantilism is an economic system that requires two distinct political entities to exist. Answers to Questions 1-32 on the Introduction 3 Correct Q. Favorite Answer. Plus, get practice tests, quizzes, and personalized coaching to help you succeed. The mother country could buy products much cheaper than from another country. English, science, history, and more. 4. Mercantilism. SOL 5e: describing the growth of European nations, including the Commercial Revolution and mercantilism. 120-123 and answer the questions below. Mercantilism—a form of economic nationalism—funds corporate, military, and national growth. b. the colonies were to consume raw materials. 1 decade ago. What reasons did the Kings have for thinking that mercantilism was the way to power? The theory of mercantilism states that there is a certain amount of wealth and riches in the world and that it is in a nation’s best interest to accumulate it. Why did the colonists smuggle goods in the English colonies? Enrolling in a course lets you earn progress by passing quizzes and exams. Term used to describe dominant economic principles of 1600s/1700s Europe Governments heavily regulated trade and commerce in hope of increasing national wealth. It requires a metropole, which is the main part of the country and where the leadership sits. Favorite Answer Mercantilism is a form of economic imperialism which led to the modern capitalist state. You will be asked to discuss what it is and how it affected world events. ... Top Answer. A system developed in which kings tried to increase their country's exports while decreasing imports. c. it produced raw materials. Merchants and the government work together to reduce the trade deficit and create a surplus. During the period of mercantilism -- the 1500's, 1600's, and 1700's -- nations competed for trade routes and colonies. Why did the rulers of European countries want to see joint-stock companies formed and trading posts and plantations set up? They could only sell/buy products from their mother country, but the price was too high & other countries sold the same things for much cheaper. Answer:-Mercantilism was the economic philosophy underlying English colonial policy. Mercantilism is an economic practice by which governments used their economies to augment state power at the expense of other countries. 's' : ''}}. {{courseNav.course.mDynamicIntFields.lessonCount}} lessons About This Quiz & Worksheet. All of the quiz questions are multiple-choice. According to the economic theory of mercantilism, the nation would benefit if. d. All of the above. © copyright 2003-2020 Study.com. They thought that they could build a large navy to protect his colony and trading interests. France, Spain, the Netherlands, Great Britain, Portugal. What is mercantilism? Mercantilism stressed the need to develop colonies in order to sustain a realm where a favorable trade balance, more export than import, could be … Course Hero has thousands of mercantilism study resources to help you. Describe the trade theory of mercantilism, give examples, and then. Mercantilism was an economic system of trade that spanned from the 16th century to the 18th century. 2 Answers. X Your answer: For webquest or practice, print a copy of this quiz at the Middle Ages - Feudal System webquest print page. It advocates trade policies that protect domestic industries. 01 05e Mercantilism Practice SHORT Quiz. This quiz and its attached worksheet let you see what you know about mercantilism in the American colonies. : While Adam Smith portrayed mercantilism as supportive of strict controls over the economy, many mercantilists disagreed. Answer: 1 question What are 5 differences and similarities between mercantilism and capitalism? Mercantilism During the Age of Exploration - Reading, Questions, Venn Diagram - This 8 page resource related to the economic system of mercantilism includes a reading, set of analysis questions and a Venn diagram activity which requires students to compare mercantilism with capitalism. A system developed in which kings tried to increase their country's exports while decreasing imports Why is it important for a country to have more exports than imports? B. | {{course.flashcardSetCount}} Britain bought colonial products at a low price and sold British product to the colonies at a high price. Through mercantilism, there is a need to research and develop all possible resources to their greatest extent to support the local and mother nation economy. where colonies trade gold and silver with each other. Mercantilism And The Development Of Mercantilism Essay 999 Words | 4 Pages. a. the colonies and mother country were to work together for the good of the nation. The purpose was to increase a nation's wealth by … Since his subjects could not be drafted, he could hire and pay soldiers from other countries. Because the country wants to buy less goods from other nations, it is following an economic policy based on mercantilism. In this quiz/worksheet combo, you'll be tested on the tenets and effects of colonial mercantilism. Jean-Baptiste Colbert. Mercantilism Mercantilism was a theory in economics, which was very popular between the 16th and 18th centuries, whose aim was to build a strong rich state through the regulation of the economy by the state (Wallerstein, 2014). It requires a metropole, which is the main part of the country and where the leadership sits. To accomplish that goal, a favorable balance of trade was desired. A. Magellan started his voyage around the globe from Pacific ocean and then towards Atlantic ... As a result of ‘Mercantilism’ - A. the reformation movement was restricted and obstacled. : The idea of mercantilism was to protect … Kings thought that if money flowed into the treasury, the king could have a wealthy life. This lesson will help explain: {{courseNav.course.topics.length}} chapters | It encourages trade deficits for foreign nations. Sciences, Culinary Arts and Personal All rights reserved. 2. A system where a mother countries gains money and power from natural resources that come from its colonies. Pirates from one country sometimes attacked trading vessels of rival nations and stole valuable cargo. a. mercantilism b. physiocracy c. classical economics d. the Austrian school 11. The most important members of the Aus-trian school are a. Alfred Marshall b. Milton Friedman ... 2 Short-Answer Questions, Introduction Dr. Reisman. In Particular, Review The Common Features Of East Asian Developmental Economies And Say Whether You Think This Proves The Claim. Sarah Keene. In this quiz and worksheet you'll assess your knowledge and understanding of: For more information about this type of economics, read the lesson titled Mercantilism in the Colonies: Lesson for Kids. In mercantilism, wealth is viewed as finite and trade as a zero-sum game. Provide details and share your research! # Answer. Wars occasionally broke out as empires rose and fell. Joint-stock companies- king collected a portion of the products. Mercantilism is an economic theory that was popular in Europe from the 16th to 18th centuries. Governments sought to ensure that exports exceeded imports and to accumulate wealth in the form of bullion (mostly gold and silver). Question. If you sell … Does History Bear This Out? Question: State Interventionism And Mercantilism Are Ubiquitous Features Of ‘catch-up’ Industrialization, Some Claim. Please be sure to answer the question. The mother country could sell products for much higher than another country. Mercantilism (Chapter 4 Section 4)-Read pg. Mercantilism was one of the major economic policies of the colonial era. What is mercantilism? Spanish ships heavy with gold and silver were favorite targets. Choose an answer and hit 'next'. You will receive your score and answers at the end. Which of the following is a wrong statement ? : Opposite to mercantilism was the doctrine of physiocracy, which predicted that mankind would outgrow its resources. -What are the goals of mercantilism (what kinds of things does the “home” country want to import, and what do they want to export, and why)?-How does mercantilism work?-What is a favorable balance of trade? As a member, you'll also get unlimited access to over 83,000 lessons in math, flashcard set{{course.flashcardSetCoun > 1 ? Colonists from Virginia could not trade with Pennsylvania, Create your account to access this entire worksheet, A Premium account gives you access to all lesson, practice exams, quizzes & worksheets. If you sell more items than you buy, you will receive more money. answer choices. **If your group has trouble answering any of these questions, it will be very difficult to do this analysis correctly! One of the reasons England developed the colonies under mercantilism was to increase its trading territory. About this quiz: All the questions on this quiz are based on information that can be found on the page at Middle Ages - Feudal System . Find mercantilism course notes, answered questions, and mercantilism tutors 24/7. Major Mercantilist Countries. Biological and Biomedical Means any opportunity to do this analysis correctly colonies trade gold and silver ) the property of their respective.. Nations, it will be asked to discuss what it is and how it affected World events that requires distinct... Coaching to help you copyrights are the property of their respective owners effects of mercantilism. 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