7-1.3 & 7-1.4 Mercantilism and Capitalism

A system where the Mother Country built up bullion through trade to increase their wealth

People who make a living off of trade are called

A tax on imports and exports

A businessperson who risks money in hopes of earning a profit

The social class between the upper class and working class

An economic system based on private, individual ownership of resources and production

Freedom of private businesses to compete for profits without government involvement

A capitalistic economy based on competition and prices are determined by supply and demand

The production, consumption, and transfer of wealth is

What economic system was in place before mercantilism?

When a country exports more than they import