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