Mercantilism Flashcards

Chapter 1 Section 3 of Pathways to the Present

611520998	What is mercantilism?	The theory that a country should try to get and keep as much bullion as possible
611520999	What is Bullion?	Gold and silver
611521000	What is Balance of trade?	The difference in value between imports and exports should show more exports than imports
611521001	How would a country without any gold/silver mines obtain bullion?	Through exporting more than they imported
611521002	How did Spain obtain bullion?	With gold mines in the Americas.
611521003	How did Mercantilists believe a nation should obtain raw materials and sell products?	Through colonies they controlled
611521004	What rights did mercantilists believe should be reserved for the parent country?	The right to make goods for sale, in other words, colonies should only be allowed to buy and sell with their parent country.
611521005	How did this belief in mercantilism affect English leaders?	They realized the potential in the Americas with colonies and then set out to have as many colonies as they could.