3. MercantilismMercantilism is an economic system which developed after manorialism (from the 15thto the 18th centuries – time period) and is associated with colonial types of government.Some countries that practiced mercantilism included Great Britain, Portugal and Spain(society). Mercantilism is when a country believes that the more wealth it stores up, thegreater their government should be. So, mercantilist countries build up their nation'swealth by exporting (selling) more goods than they import (buy from other countries).Countries needed to find places to sell their goods as well as to find places where to getnatural resources. For this reason, they found and conquered colonies. Colonies supplied their Mothercountries with the raw materials that were used to produce finished goods and then send those goods back totheir colonies. Generally, merchants controlled what resources were to be produced and how they were to beused, sold or traded. However, monarchs (kings or queens) were often asked to provide protection or politicalprivileges for monarchs. Before this was feudalism. In feudalism during the Middle Ages, merchants andtraders did not have high social status or opportunities to sell their goods to a large market of people.However, because of mercantilism, merchants and traders became wealthier, starting to improve their socialstatus and gain political power. The increase in trade is part of the Commercial Revolution , which helpedend feudalism and manorialism. It also led to the beginning of the slave trade and the growth of banks andother large businesses. What type ofWhat are the defining characteristics(features) of this economic system?(List 2 for each)What is the historicalgovernment is thiseconomic systemassociated with?context?| 3. MercantilismSociety (Location)2Time Period (not dates)?

Mercantilism is an economic practice in which governments aim to promote exports and reduce imports…

What type of government is this (features) of this economic system? economic system associated with? What are the defining characteristics What is the historical context? (List 2 for each) | 3. Mercantilism Society (Location)? Time Period (not dates)?

What type of government is this (features) of this economic system? economic system associated with? What are the defining characteristics What is the historical context? (List 2 for each) | 3. Mercantilism Society (Location)? Time Period (not dates)?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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