____ 13. Favorite Answer. Term. mercantilism (mûr`kəntĭlĭzəm), economic system of the major trading nations during the 16th, 17th, and 18th cent., based on the premise that national wealth and power were best served by increasing exports and collecting precious metals in return.It superseded the medieval feudal organization in Western Europe, especially in Holland, France, and England. By the end of the mercantilist period, market value was recognised. Definition. Lv 7. All countries could not simultaneously export more than they imported. Nationalism. Which nation ultimately won complete control of India? The basic flaw of mercantilism was that trade was regarded as a zero- sum game (i.e. For Mercantilists, the "prosperity" of a nation was not defined as the well-being of its population, but often just of a narrow elite class, or even, in some literature, as a euphemism for the solvency of the State treasury. Q. A. Conquering new territories and expanding the nation's intellectual resources. What advantage did better weaponry give Spanish conquistadors over the Aztec and Incan Empires? According to mercantilists, the prosperity of a nation depended on. How are peace and prosperity for a nation or civilization connected? Select the correct answer. The father of economics was … Mercantilism is an economic policy that is designed to maximize the exports and minimize the imports for an economy. Walk according to the commandments, decrees and laws. He was born in England in 1571. Tags: Question 6 . For the mercantilists, the wealth of the nation was not defined in terms of the sum of individual wealth. Answer Save. It promotes imperialism, colonialism, tariffs and subsidies on traded goods to achieve that goal. Mercantilist # 2. Don’t worry about people who do not observe, but first and foremost you as a leader of the Nation, walk before me (2 Chronicles 7:17). Prior to the mercantilists, value was regarded as an intrinsic quality possessed by a commodity, it depended upon the utility of the commodity. Why did the Catholic Church have so much influence in Latin America? To raise a nation from poverty to prosperity, from destruction to development, from insecurity to safety, there is a need for God-fearing wise men and women. 30 seconds . a large supply of bullion, or gold and silver. Human wants were to be minimized, especially for imported luxury goods, for they drained off precious foreign exchange. Britain. answer choices . 37. 1 Answer. Scarcity also determined the value of a commodity. andersonh andersonh A large supply of bullion, gold or silver New questions in History. manufactured goods . 39. a large supply of bullion, or gold and silver. But this goes to the root of the Mercantilist idea. (1 point) According to mercantilists, the prosperity of a nation depended on a. a large supply of bullion, or gold and silver. Sumptuary laws (affecting food and drugs) were to be passed to make sure that wants were held low. Mercantilists tended to equate the wealth of a nation with the amount of gold and silver bullion it possessed. According to mercantilists, the prosperity of a nation depended on: Definition. Copper engraving by E. Geringius in Mårten Triewald’s Brief Description of the Fire and Air Machine at Dannemora Mines (1734). a) a large supply of bullion. Spain. SURVEY . Are the Mercantilists nothing more than a product of their time Explain the principle differences between Keynes’ and the Classical Economists’ views about the macroeconomy Explain what is meant by the term ‘price-specie’ flow mechanism MANM024 Organisational Behaviour Formative Essay - Grade: 72 Exam November 2012, questions Q. a large supply of bullion, or gold and silver. SURVEY . Relevance. According to mercantilists, the prosperity of a nation depended on a large supply of_____, or gold and silver. a large supply of bullion, or gold and silver. 38. 1 See answer FindingMarli is waiting for your help. B. According to mercantilists the prosperity of a nation depended on? c. conquering new territories and expanding the nation’s intellectual resources. Add your answer and earn points. Fire and air machine at Dannemora mines from the late 1720s. According to Hindu mythology Who is the goddess of wealth and prosperity? Date: Wednesday, Jan 27, 2021 Contact: [email protected] WASHINGTON, D.C. — President Joe Biden will sign an Executive Order today that will help restore balance on public lands and waters, create jobs, and provide a path to align the management of America’s public lands and waters with our nation’s climate, conservation, and clean energy goals. According to mercantilists, the prosperity of a nation depended on? Sir Thomas Mun: Mun was an important representative of the English mercantilists. 15. To gain trade surplus, a nation should strive to maximise exports and minimise imports. A strong nation, according to the theory, was to have a large population, for a large population would provide a supply of labour, a market, and soldiers. There was a deviation a few centuries back, which moved monetary thinking beyond mere gold … Piles of people, there are numerous folk that believe that a nation's currency needs to be connected to stores of precious metals. According to the policy of mercantilism, how could a nation increase its wealth? b) a healthy flow of coffee coming into the nation. 3 [1] THE annual labour of every nation is the fund which originally supplies it with all the necessaries and conveniences of life which it annually con-sumes, and which consist always either in the immediate produce of that labour, or in what is purchased with that produce from other nations. But according to research by Lars Magnusson of Uppsala University, Smith’s contribution did not represent such a sharp break. Adam Smith's 1776 classic "The Wealth of Nations" may have had the largest global impact on economic thought. Rabbit. b. a healthy flow of coffee coming into the nation. Portugal . According to mercantilists the prosperity of a nation depended on? cotton. What other countries settled in the Americas, challenging the financial control enjoyed by the Spanish and Portuguese? The goal of economic activity, according to most mercantilists, was production - not consumption, as classical economics would later have it. According to this view the benefits to one nation were matched by costs to the other nations that exported gold and silver, and there were no net gains from trade. According to him, if money is exported for any purpose whatever, it must return with profit into the kingdom from which it was sent. According to mercantilists, a nation’s wealth and prosperity depended on its stock of precious metals, which, in turn, depends first on international trade and thereby on ‘trade surplus’. D. Finding and maintaining a supplyof cheap labor, preferably slaves. _____ thought there should not be any trade of enslaved people. How are peace and prosperity for a nation or civilization connected? : But a nation’s assets also included the size of its population: the more citizens there were, the better off the country was. who stated that the prosperity of a nation depended on a large supply of gold and silver? d) finding and maintaining a supply of cheap labor, preferably slaves. C. A large supply of bullion,bullion, gold and silver. answer choices . A surplus of export was necessary to generate payments in hard money. Therefore one’s own country should promote export and gain wealth at the expense of its neighbors. 1 decade ago. 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