Motivations & Impacts of Exploration in Europe

A market economy is closely related to the principles of

• charitable donations

• supply and demand

• freedom of speech

• the legislative branch

True or False: European exploration made European countries very wealthy.

• True

• False

Which of the following is true about capitalism?

• Business owners decide which goods and services to provide

• Capitalism is the same as communism

• All business is regulated by the government

• None of these are true

Exploring in hopes of getting rich quick and amounting significant wealth is which of the following motivations?

• Gold

• God

• Glory

An economic system based on based on investing money for profit and merchants decide which goods and services to provide.

(a)  

True or False: Based on mercantilism principles, colonies were free to trade and do business with other countries besides their mother country.

• True

• False

This image represents which economic principle?

• Market economy

• Mercantilism

• Capitalism

Which of the following is NOT one of the 3 G's for exploration?

• Gold

• Goods

• Glory

• God

An economic system in which countries try to export more than they had to import, creating more wealth for the country. The may look to colonies for materials and forbid them from trading with other countries.

(a)  

A car dealership obtains a limited number of a very rare and highly desired vehicle. Given this information and based on the principles of a market economy, the dealership owner is likely to price the vehicle….

• Very low, cheap, inexpensive

• Very high, very expensive