Mercantilism was a political-economic system that many European nations instituted in their American colonies to maximize their profits. Which of the following was a key element of mercantilism?(1 point)

Question

Responses

Colonies were banned from free trade and supplied raw materials to their mother country.
Colonies were banned from free trade and supplied raw materials to their mother country.

Colonies directly benefited from the wealth gained from trade.
Colonies directly benefited from the wealth gained from trade.

Colonies produced finished goods using raw materials from Europe.
Colonies produced finished goods using raw materials from Europe.

Colonies were permitted to freely trade with other European nations.

Answer 1

The key element of mercantilism is:

Colonies were banned from free trade and supplied raw materials to their mother country.

Mercantilism emphasized a favorable balance of trade for the mother country, often at the expense of the colonies, which were restricted in their trade practices.