Unit 3 - Conflict and American Independence

Question 1

Define

Mercantilism

and explain it’s significance.

1

Answer 1

an economic system centered around maintaining a favorable trade balance, in which wealth is measured in bullion (silver and gold)
- limited amount of wealth available in the world
* creation of colonies promoted bc they offered access to natural resources and markets that would profit metropoles
* led to the Navigation Acts and the Molasses Act