BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Mercantilism was based on the idea that a nation’s wealth and power were best served by increasing exports and reducing imports. It’s characterized by the belief that global wealth was static and that a nation’s economic health relied heavily on its supply of capital.

Detailed explanation-2: -Mercantilism, also called “commercialism, ” is a system in which a country attempts to amass wealth through trade with other countries, exporting more than it imports and increasing stores of gold and precious metals.

Detailed explanation-3: -What is Mercantilism? Mercantilism is an economic theory that emphasizes self-sufficiency through a favorable balance of trade. Mercantilist policies focus on the accumulation of wealth and resources while maintaining a positive trade balance with other countries.

Detailed explanation-4: -The theory of Mercantilism argues that higher national income comes from exporting more than importing. That is, a country will increase its GDP if it has a trade surplus and it will decrease its GDP if it has a trade deficit. The Mercantilist line of reasoning goes like this.

Detailed explanation-5: -An example of mercantilism was the Sugar Act of 1764 which made colonists in America had to pay higher tariffs and duties on imports of foreign-made refined sugar products. Mercantilism is an economic policy that is designed to maximize the exports and minimize the imports for an economy.