Mercantilism

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What is mercantilism?

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A system where a mother country gains money and power from natural resources that come from its colonies.

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True or False? Great Britain wanted to create wealth by importing more goods than it exported.

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False

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Term for a good sold to another country?

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Export

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The impact of mercantilism was that

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The mother country grew wealthy

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Wood, water, bricks, and corn are all from the earth. These are called:

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raw materials

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Raw materials are used to make the things we create ourselves or buy in stores. Those things are:

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manufactured goods

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How does mercantilism benefit the mother country based on the political cartoon?

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The colonies provide everything to the mother country.

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Mercantilism is when

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Raw materials were bought cheaply by the 'Mother Country' and sold as refined materials to the colony

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In this economic system, a mother country gained wealth by...

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carefully controlling trade

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A favorable balance of trade is achieved when:

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You export more than you import.