Fill in the blanks. Britain created a ______________ so that companies could have ____________, and help Britain prosper through the economic system known as ___________ 1 pointa) Monopoly, mercantilism, epidemicb) Charter, monopolies, mercantilismc) Colony, territory, capitalismd) Trade route business, capitalism
Question
Fill in the blanks. Britain created a ______________ so that companies could have ____________, and help Britain prosper through the economic system known as ___________ 1 pointa) Monopoly, mercantilism, epidemicb) Charter, monopolies, mercantilismc) Colony, territory, capitalismd) Trade route business, capitalism
Solution
The correct answer is b) Charter, monopolies, mercantilism.
Step 1: Britain created a "Charter". A charter is a legal document that formally establishes a corporate entity. Britain used this to establish and grant rights to companies.
Step 2: These charters allowed companies to have "monopolies". A monopoly is the exclusive possession or control of the supply of or trade in a commodity or service.
Step 3: This was done to help Britain prosper through the economic system known as "mercantilism". Mercantilism is an economic theory that trade generates wealth and is stimulated by the accumulation of profitable balances, which a government should encourage by means of protectionism.
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