Mercantilism and Capitalism

Mercantilism is closely tied with which governmental system?

A subsidy is meant to

In the Columbian Exchange, items from the Old World included

In the Columbian Exchange, items from the Old World included

The compensation for land is

Mercantilism and capitalism focused on accumulation of wealth. This allowed

Mercantilists thought of wealth as

Mercantilist nations

The Invisible Hand is a concept explaining

A tax on imported goods is called a

In the Columbian Exchange, items from the New World included

Increased demand for a product can affect the price by

A positive result of the Columbian Exchange for Europeans in the Old World was

Land, Labor, Capital and Entrepreneurship are

The Product Market buys and sells

A tariff helps the balance of trade by making the imported product

In mercantilism, colonies were supposed to

In the Columbian Exchange, items from the New World included

The term, "Balance of Trade" compares

Unlike mercantilism, capitalism's idea is that government is more directly involved in the economy

The Law of Supply states that producers are willing to sell

A good example of the Law of Demand in action would be

The compensation for capital is

For producers, cost = price

For Mercantilists, a favorable balance of trade meant