Question

The term mercantilism can best be defined as:

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.

Answer 1

The correct answer that corresponds to the given question is letter b, when children tend to enter the same or the similar occupation as their parents. It is because mercantilism is being defined as a belief in which there is benefits to be obtained when undergoing a profitable trading.