Mercantilism-The Economics of Absolutism What the four questions answered by all economic systems?

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Mercantilism-The Economics of Absolutism

  1. What the four questions answered by all economic systems?

  2. Is mercantilism a command or market economy? What does that mean?

  3. According to Tom Richey, what is the definition of mercantilism?

  4. What does it mean that mercantilism is a zero sum game?

  5. What does it mean to have a favorable balance of trade?

  6. Why is self-sufficiency important to mercantilism?

  7. What is the goal of self-sufficiency?

  8. How does the government ensure economic self-sufficiency?

  9. How does mercantilism encourage protectionism?

  10. Not only does the government regulate foreign competition under mercantilism, it also regulates…

  11. What are the 3 types of government incentives that are utilized under mercantilism?

  12. True or False: The basic premise behind mercantilism is national economic competition (Spain vs. England, for example), rather than individual competition (Ford vs. Chevy, for example).

  13. What are the preferred industries under mercantilism? Why are those industries important to mercantilism?

  14. Why are colonies important to the mercantilist economic system?

  15. What was the #1 luxury cash crop of the Early Modern Era?

  16. What is the market relationship between colony and mother country in mercantilism?

  17. What are some disadvantages of mercantilism?

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