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Exploration and Economic Development: Tutorial

Question:

Select the correct answer.

Which of these terms refers to a government controlling the economy in order to strengthen it?

A. banking
B. insurance
C. mercantilism
D. capitalism

Sagot :

GinnyAnswer

Final answer:

Mercantilism involves government control of the economy to accumulate wealth and power through trade policies and regulations.


Explanation:

Mercantilism refers to a government controlling the economy to strengthen its power by accumulating wealth through colonial markets, high tariffs, and monopolies. It is an economic policy that focuses on controlling markets and promoting manufacturing to boost a country's wealth and power.

Unlike capitalism, where the economy is driven by private ownership and free market competition, mercantilism relies on government intervention and regulation to enhance national interests through trade and economic policies.

During the era of mercantilism, governments regulated sectors like banking and provided support to specific industries to maximize profits and maintain dominance in global markets.


Learn more about Economic Systems here:

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