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Mercantilism and Capitalism Flashcards | StudBud
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Mercantilism and Capitalism
Mercantilism and Capitalism
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#7thgrade #mercantilism #capitalism
Flashcards
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Questions
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Answers
1
____ is a type of company that sells shares in the company to investors.
Market economy
Free enterprise
Corporation
Cottage industry
2
What is the key idea of mercantilism?
Country's power depends on the amount of people it has
Country's power depends on the wealth
Country's power depends on the amount of raw material
Country's power depends on the amount of sailors that sail
3
What is one way that mother countries do NOT get more gold and silver.
Make items for expensive for foreign countries
Supply raw materials
Control trade
Free enterprise
4
A ____ is involved in wholesale trade, dealing with foreign countries
Peasant
Blacksmith
Artisan
Merchant
5
What is the biggest difference between capitalism and mercantilism?
It discouraged investment by entrepreneurs
Placed little emphasis on the principle of supply & demand
It favored government regulation of business
It wanted to keep government out of business
6
The goal of mercantilism is to ___ ?
Acquire gold and silver through trade
Reduce government involvement in business
Increase foreign imports
Keep the population alive
7
Tax (on imports) is another word for ____.
Barter
Texting
Title
Tariffs
8
The middle class consisted of what type of people?
Peasants and Kings
Peasants and merchants
Artisans and merchants
Merchants and Kings
9
What is capital?
Colonies
Corporations
Money
Tariffs
10
What are two important reasons to have colonies?
Provide raw materials & give merchants a place to sell goods
To create shelter for lost sailors and make a home
To have a home for settlers and be available to more
Provide a location to trade and have a home for settlers
11
What is capitalism?
Economic system based on free reign
Economic system based on private ownership
Economic system based on government control
System put in place that helps the government
12
___ is the buying and selling of goods in large quantities over long distances.
Cottage industry
Free enterprise
Commerce
Market economy
13
Why was the middle class created?
Because of the high amount of money made in trade
Because of the low amount of money made in trade
Because they were bored of having no middle class
Because the King demanded it
14
True or false: Most merchants tried to find goods that were expensive and in low demand.
True
False
15
What is usually true of supply and demand? Capitalism works using supply and demand.
As supply goes down, prices go down
As demand goes up, prices go up
As supply goes up, prices go up
As demand goes up, prices go down
16
Which is NOT a seed of capitalism?
Build up of capital
Exporting more than importing
Growing middle class
Raw materials from markets
17
What is a market economy?
Individuals only go to people watch
Individual buyers and sellers interact in the marketplace
Company buyers and sellers interact in the marketplace
Companies only go to people watch
18
What is a joint stock company?
Single investor in a voyage
Multiple people buy parts of a company
Multiple people selling goods
Multiple people making goods
19
What is a primary motivation for a person under capitalism?
Equality
Trade
Profit
Love
20
What does the term 'balance of trade' mean?
Difference between what countries trade
Difference between two countries food production
Difference between what a nation exports and imports
Difference between how fast ships travel
21
Why were cottage industries created?
Made the goods slower
Made the goods faster
To pick cotton
Made low quality goods
