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 permitted to freely trade with other European nations.
Colonies were permitted to freely trade with other European nations.

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

Answer 1

The correct response is:

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

This statement reflects a key element of mercantilism, where colonies were expected to provide raw materials to the mother country while being restricted from trading with other nations, ensuring that profits and resources flowed back to the European powers.