Transcontinental Trade Quick Check

Question

4 of 54 of 5 Items
Question
Which of the following best describes mercantilism?(1 point)
Responses

an idea that everyone can have as much wealth as they want in the world as long as they create colonies and control them, so that they have all the resources
an idea that everyone can have as much wealth as they want in the world as long as they create colonies and control them, so that they have all the resources

a system that eliminated all competition between countries and instead caused them to make peaceful agreements so that everyone could make money
a system that eliminated all competition between countries and instead caused them to make peaceful agreements so that everyone could make money

a system that made it easier for traders to make money in any country because they understood what people wanted to buy and sell and could make the country rich
a system that made it easier for traders to make money in any country because they understood what people wanted to buy and sell and could make the country rich

an economic system based on the idea that the world only has so much wealth available, and countries must take as much as they can so that other countries do not get it
an economic system based on the idea that the world only has so much wealth available, and countries must take as much as they can so that other countries do not get it

Answer 1

The best description of mercantilism from the options provided is:

an economic system based on the idea that the world only has so much wealth available, and countries must take as much as they can so that other countries do not get it.

This definition captures the core idea of mercantilism, which emphasizes the competitive nature of nations in accumulating wealth and resources, often leading to the belief that a nation's wealth is measured by its stock of precious metals and that one nation's gain is another's loss.