SETTLING NORTH AMERICA 1497 1732
NORTH AMERICAN EXPLORATION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Raw materials were bought cheaply by the colony and sold as refined materials to the ‘Mother Country’
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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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When merchants sold their goods for high prices to working class citizens
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When working class citizens were forced to sell their products to make profits
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Detailed explanation-1: -Under the mercantilism policy, a mother country established colonies in other nations to import cheaper raw materials and export finished products back to them in exchange for gold and silver.
Detailed explanation-2: -Mercantilism was a form of economic nationalism that sought to increase the prosperity and power of a nation through restrictive trade practices. Its goal was to increase the supply of a state’s gold and silver with exports rather than to deplete it through imports.
Detailed explanation-3: -Mercantilism was a popular economic philosophy in the 17th and 18th centuries. In this system, the British colonies were moneymakers for the mother country. The British put restrictions on how their colonies spent their money so that they could control their economies.
Detailed explanation-4: -Under mercantilism, colonies were important because they produced raw materials for the mother country, goods that the country would have to import otherwise (things like grain, sugar, or tobacco). The colonies also gave the mother country an outlet for exports, which increased jobs and industrial development at home.
Detailed explanation-5: -Mercantilism is an economic policy that is designed to maximize the exports and minimize the imports for an economy. It was an economic policy that gave rise to imperialism and colonialism among European nations.