Mercantilism: An Economic System
This worksheet explores the economic theory and practice of mercantilism, its core principles, historical context, and impact.
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Mercantilism: An Economic System
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Read each question carefully and provide thoughtful answers. Use your knowledge of mercantilism to complete the tasks.
1. Which of the following is a core principle of mercantilism?
Free trade among all nations
Accumulation of gold and silver reserves
Economic self-sufficiency for colonies
Emphasis on agricultural output over manufacturing
2. Mercantilism primarily benefited:
Colonies
Merchant classes in all countries
The mother country (imperial power)
Enlightenment philosophers
3. Under mercantilism, colonies were expected to provide raw materials to the mother country and serve as a market for its goods.
4. The concept of a favorable balance of trade meant that a nation should export more goods than it .
5. Mercantilist policies often led to increased competition and sometimes between European powers.
6. Mercantilism advocated for minimal government intervention in the economy.
True
False
7. The Navigation Acts, imposed by Britain on its American colonies, were an example of mercantilist policy.
True
False
8. Explain the role of colonies within a mercantilist economic system.
9. Identify two positive and two negative consequences of mercantilism for participating nations and their colonies.
Match each term with its correct definition.
10. Bullionism
a. The belief that a nation's wealth is measured by its gold and silver reserves
11. Tariffs
b. Taxes on imported goods designed to protect domestic industries
12. Navigation Acts
c. English laws that restricted colonial trade to benefit the mother country