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Mercantilism 7-1.3

Review Mercantilism

Mercantilism is: an economic system
Countries that used mercantilism wanted a : favorable balance of trade
Favorable balance of trade occurs when a country exports more than they import
Export Products sent and sold to other countries
Import Products bought and brought into a country
Do countries make more money from importing or exporting goods? exporting
In mercantilism, what does the mother country need? colonies
What is a mother country? a country that has colonies
What is a colony? a country or area under control of another country; usually far away
In mercantilism, the colony supplies the _____ raw material
In mercantilism, the mother country makes the _____ finished product
In mercantilism, cotton is an example of a: raw material
In mercantilism, fabric is an example of a: finished product
The goal of mercantilism was to __ build wealth for the mother country
Mother countries were able to become rich by forcing _____ colonies to only trade with their mother country
Mother countries were able to become rich by selling ______ finished products back to their colonies at a high profit
Mercantilism lead to what other economic system? Capitalism
Capitalism is economic system based on PRIVATE ownership that is driven to MAKE A PROFIT
Created by: cassandra_lock