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

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.

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

In a short essay, discuss the theory of mercantilism, and discuss favorable and unfavorablebalances of trade as they apply to international business.

As we have conceptualized it in this class, capitalism as a social system is defined most fundamentally byGroup of answer choicesbusinesses/capitalists using profits to invest in further profit-making.business/capitalists making a profit.businesses/capitalists producing commodities.people trading for goods.