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7-1.3
Mercantilism
Question | Answer |
---|---|
Mercantilism | Economic system used to build a nation's wealth. |
Raw materials and resources | Provided by colonies...ex. tree used to make table |
Colony | Settlement, or land claimed by SPEFN |
Mother country | SPEFN, or nations that explored and claimed new lands |
Favorable balance of trade | More exports than imports...used to create wealth |
Exports | Goods sold to foreign countries |
Imports | Goods bought from foreign countries |
Bullion | Gold and silver |
Tariff | Tax put on goods bought from foreign countries |