The term "mercantilism" can best be defined as:Question 5Select one:a.An economic system in which there is private ownership (as opposed to state ownership) and where there is an impetus to produce profit, and thereby wealth.b.When children tend to enter the same or similar occupation as their parents.c.An economic policy based on national policies of accumulating silver and gold by controlling markets with colonies and other countries through taxes and customs charges.d.An economic system in which there is government ownership (often referred to as "state run") of goods and their production, with an impetus to share work and wealth equally among the members of a society.

Which of the following definitions best describes mercantilism?Question 3Select one:a.a lifestyle characterized by the acquisition of goods and servicesb.the view that wealth creation is the key to economic growth and prosperityc.the theory that prosperity depends on extracting wealth or accumulating it from othersd.the theory that without a relationship, there can be no exchange of goods or services

Mercantilism is an economic theory that suggests that the colonies only exist to benefit the colonies and produce wealth for the mother country.  Group of answer choicesTrueFalseNext

Mercantilism

.An economic system whereby the government controls the means of production and shares the wealth of the nation equally is called  _____________a. Communismb. Capitalism c.c. Socialismd. Oligarchy.

The system that is based on a free market economy where individuals are allowed to own private property, businesses, industries, and farms. Individuals have the right to start their own businesses and profit from their hard work is referred to by what term?CapitalismCommunismRadicalismSocialism