Question

1. lesson 15 – mercantilism, trade systems & early colonization

define mercantilism in your own words:

Explanation:

Mercantilism was an economic policy dominant in Europe from the 16th to 18th centuries. It centered on the idea that a nation’s wealth and power depended on accumulating gold and silver, achieved by maximizing exports (selling more goods abroad) and minimizing imports (buying fewer foreign goods). Colonies played a key role by supplying raw materials to the mother country and serving as exclusive markets for its manufactured products, ensuring a favorable trade balance.

Answer:

Mercantilism was an early economic system where nations sought to grow wealthy and powerful by hoarding gold/silver, boosting exports, limiting imports, and using colonies to supply resources and buy their goods.