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Understanding Mercantilism Dynamics

The document provides definitions and explanations of key concepts related to mercantilism, including: - Four European nations that competed in intense economic and exploration rivalries were Spain, Portugal, England, and France. - Competition for land and colonies in the New World was an economic competition driven by the mercantilist belief that a country's power came from its wealth. - Mercantilism is a system where a country attempts to amass wealth through exporting more than it imports and accumulating gold and precious metals. - European nations benefited under mercantilism as their economies thrived, while developing colonies and countries lost out by trading raw materials for manufactured goods.

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Wilfredo Mejia Student - SouthGarnerHS
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70 views3 pages

Understanding Mercantilism Dynamics

The document provides definitions and explanations of key concepts related to mercantilism, including: - Four European nations that competed in intense economic and exploration rivalries were Spain, Portugal, England, and France. - Competition for land and colonies in the New World was an economic competition driven by the mercantilist belief that a country's power came from its wealth. - Mercantilism is a system where a country attempts to amass wealth through exporting more than it imports and accumulating gold and precious metals. - European nations benefited under mercantilism as their economies thrived, while developing colonies and countries lost out by trading raw materials for manufactured goods.

Uploaded by

Wilfredo Mejia Student - SouthGarnerHS
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Directions: ​Complete the following questions after having learned about mercantilism.

1. According to the reading, what four European nations competed in intense economic
and exploration based rivalries?
Spain, Portugal, England, and France

2. Explain how competition for land (or colonies) in the New World was an economic
competition between the European nations? ​It was
a competition because of mercantilism, the belief
that a country's power is based on its wealth or
gold. If the USA had a lot of colonies in the New
World, we would get more wealth, and therefore,
we would be more powerful

3. Write a definition for mercantilism in your own words. ​ 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

4. Draw a diagram in the space below that shows how


mercantilism worked.
5. Using a dictionary or an online dictionary, define the following terms:
a. Export: ​send
(goods or services)
to another country for
sale

b. Import: ​bring
(goods or services)
into a country from
abroad for sale

6. Explain why the European nations wanted to maximize their exports and minimize their
To maximize their exports meant more
money coming in from other countries.
Because if European nations were to
maximize their imports, more money
would be going out than coming in.
7. Who benefited under a mercantile system? Who did not benefit? Explain. ​The
European economies thrived under this model from the 15th century to the end
of the 17th century as they leveraged from their industrialized means of
production to sell manufactured goods to other parts of the world, who in
exchange, traded the raw materials for these goods with them. This meant that
the winners were the highly industrialized economies and the losers were the
developing countries and the colonies.

8. Look at the cartoon on the second page of the reading. What is the message of this
cartoon? Explain your
reasoning. ​The cartoon shows
mercantilism because the
colonies bring raw materials to
the mother nation and the
mother nation creates goods
from the raw material to sell it.

9. Who was Adam Smith AND what did he do?


Adam Smith was a Scottish political economist and
philosopher. He has become famous for his
influential book The Wealth of Nations (1776).
Smith was the son of the comptroller of the
customs at Kirkcaldy, Fife, Scotland. The exact
date of his birth is unknown.

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