Therefore one’s own country should promote export and gain wealth at the expense of its neighbors. 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 answer choices . 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. D. Finding and maintaining a supplyof cheap labor, preferably slaves. 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’. How are peace and prosperity for a nation or civilization connected? It promotes imperialism, colonialism, tariffs and subsidies on traded goods to achieve that goal. How were the physiocrats different from the mercantilists? This was the first attempt in Sweden to power mine pumps with a steam engine. What other countries settled in the Americas, challenging the financial control enjoyed by the Spanish and Portuguese? d) finding and maintaining a supply of cheap labor, preferably slaves. 38. Tags: Question 6 . Date: Wednesday, Jan 27, 2021 Contact: Interior_Press@ios.doi.gov 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. The _____ was conquered by Fransisco Pizarro when he arrived in South America. Value was thus considered to be different from price. Mercantilists tended to equate the wealth of a nation with the amount of gold and silver bullion it possessed. a large supply of bullion, or gold and silver. According to him, if money is exported for any purpose whatever, it must return with profit into the kingdom from which it was sent. In trading with their Latin-American colonies, Spain and Portugal exported mainly. Mercantilism is an economic policy that is designed to maximize the exports and minimize the imports for an economy. He was born in England in 1571. (1 point) According to mercantilists, the prosperity of a nation depended on  a. a large supply of bullion, or gold and silver. Piles of people, there are numerous folk that believe that a nation's currency needs to be connected to stores of precious metals. A healthy flow of coffee coming into the nation. But according to research by Lars Magnusson of Uppsala University, Smith’s contribution did not represent such a sharp break. There was a deviation a few centuries back, which moved monetary thinking beyond mere gold … Britain. By the end of the mercantilist period, market value was recognised. Lv 7. a large supply of bullion, or gold and silver. a large supply of bullion, or gold and silver. 15. Inca Empire: Term. 1 Answer. Select the correct answer. A _____was a settlement of people living in a new territory linked _____ thought there should not be any trade of enslaved people. Spain. Definition. Portugal . 1 See answer FindingMarli is waiting for your help. 39. 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. 1 decade ago. The goal of economic activity, according to most mercantilists, was production - not consumption, as classical economics would later have it. a) a large supply of bullion. a large supply of bullion, or gold and silver. c) conquering new territories and expanding the nation's intellectual resources. According to mercantilists, the prosperity of a nation depended on a large supply of gold and silver.   c. conquering new territories and expanding the nation’s intellectual resources. To gain trade surplus, a nation should strive to maximise exports and minimise imports. Aggressive Dutch traders were able to: Definition. SURVEY . Q. Relevance.   According to mercantilists, the prosperity of a nation depended on? C. A large supply of bullion,bullion, gold and silver. 38) According to mercantilism, the accumulation of national wealth depended on the _____. Fire and air machine at Dannemora mines from the late 1720s. 30 seconds . Copper engraving by E. Geringius in Mårten Triewald’s Brief Description of the Fire and Air Machine at Dannemora Mines (1734). cotton. 30 seconds . Mercantilist # 2. tobacco. SURVEY . Answer Save. A. Conquering new territories and expanding the nation's intellectual resources. Rabbit. 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). According to mercantilists, the prosperity of a nation depended on a large supply of_____, or gold and silver. For nations almost constantly on the verge of war, draining one another of valuable gold and silver was thought to be almost as desirable as the direct benefits of trade. Human wants were to be minimized, especially for imported luxury goods, for they drained off precious foreign exchange. Sumptuary laws (affecting food and drugs) were to be passed to make sure that wants were held low. ____ 13. Add your answer and earn points. According to mercantilists the prosperity of a nation depended on? All countries could not simultaneously export more than they imported. Which nation ultimately won complete control of India? andersonh andersonh A large supply of bullion, gold or silver New questions in History. Tags: Question 7 . According to mercantilists, the prosperity of a nation depended on. B. Favorite Answer. The basic flaw of mercantilism was that trade was regarded as a zero- sum game (i.e. Term. Q. According to the policy of mercantilism, how could a nation increase its wealth? In stark contrast to Thailand, Malaysia and Vietnam, all of whom pursued industrialization as a way to foster prosperity, the Philippines depended on its population to … To bring in gold and silver payments, nations tried to have a favorable _____ According to Hindu mythology Who is the goddess of wealth and prosperity? According to mercantilists, the prosperity of a nation depended on: Definition. A surplus of export was necessary to generate payments in hard money. How are peace and prosperity for a nation or civilization connected? According to mercantilists the prosperity of a nation depended on? 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. Walk according to the commandments, decrees and laws. 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.   b. a healthy flow of coffee coming into the nation. Adam Smith's 1776 classic "The Wealth of Nations" may have had the largest global impact on economic thought. According to mercantilists, the prosperity of a nation depended on what factors? who stated that the prosperity of a nation depended on a large supply of gold and silver? answer choices . 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. 37. The ESG ratings in 2020 were affected by a country’s response to Covid-19, says Sustainalytics, the sustainability research arm of Morningstar. The father of economics was … a large supply of bullion, or gold and silver. What advantage did better weaponry give Spanish conquistadors over the Aztec and Incan Empires? Sir Thomas Mun: Mun was an important representative of the English mercantilists. According to mercantilists the prosperity of a nation depended on? For the mercantilists, the wealth of the nation was not defined in terms of the sum of individual wealth. 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. Nationalism. Why did the Catholic Church have so much influence in Latin America? But this goes to the root of the Mercantilist idea. Scarcity also determined the value of a commodity. France. b) a healthy flow of coffee coming into the nation. : But a nation’s assets also included the size of its population: the more citizens there were, the better off the country was. Prior to the mercantilists, value was regarded as an intrinsic quality possessed by a commodity, it depended upon the utility of the commodity. manufactured goods . According to mercantilists, the properity of a nation depended on. According to mercantilists the prosperity of a nation depended on? spices. 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