Mercantilism: An Economic System
A Grade 12 social studies worksheet exploring the principles, practices, and historical impact of mercantilism.
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Mercantilism: An Economic System
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Read each question carefully and provide thoughtful answers based on your understanding of mercantilism.
1. In your own words, define mercantilism as an economic theory and practice. What were its primary goals?
2. Which of the following was NOT a core principle of mercantilism?
Accumulation of gold and silver reserves
Maintaining a positive balance of trade (exports > imports)
Promoting free trade among all nations
Establishing colonies to source raw materials and markets
3. Mercantilist nations often implemented protective tariffs on goods to encourage domestic production.
4. Colonies were expected to provide to the mother country and serve as captive markets for manufactured goods.
5. Mercantilism is widely considered the dominant economic theory today.
True
False
6. Discuss two major criticisms leveled against mercantilism, particularly by Enlightenment thinkers like Adam Smith.
Match each term with its correct definition.
7. Bullionism
a. Economic philosophy emphasizing free markets and limited government intervention
8. Favorable Balance of Trade
b. Belief that a nation's wealth is measured by its gold and silver reserves
9. Adam Smith
c. When a country's exports exceed its imports
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