Mercantilism

Question 1

Definition

Answer 1

Economic theory that emphasizes the prosperity and autonomy of the mother country through favorable trade policies with her colonies

Question 2

4 objectives

Answer 2

Encourage the growth of a native merchant marine fleet so England could control the shipping of her own goods
Provide protection for England’s manufacturers
Protect England’s agriculture, especially grain farmers
To make the best profit possible

Question 3

Ultimate goal

Answer 3

Make England self sufficient rich and strong as a military power

Question 4

Pros and cons for colonies

Answer 4

Pros: grunted markets
Cons: less risk = less reward

Question 5

Pros and cons for Britain

Answer 5

Pros: greater control of colonial markets
Cons: glut of American products