26 Questions
Which system led to the establishment of colonies in the 1400s and lasted for about 500 years?
Mercantilism
What event caused the European powers to lose control of their colonies?
World War II
How long did it take for the colonies to declare their independence after the European powers lost control?
A few decades
Who were the primary players in mercantilism?
Spain, France, and England
What were the resources collected from the colonies called?
Raw materials
What was the goal of mercantilism?
To gain economic power
What impact did mercantilism have on the world politically?
It led to the emergence of dominant world powers
Which of the following is a key feature of credit?
It is an agreement between a borrower and a lender that a loan will be repaid later
What is the purpose of interest in a loan agreement?
To benefit the lender by increasing the amount of money they receive
According to the text, what major transformations did the emergence of credit and banking enable?
The rise of nation-states and capitalism
Which organization developed the Lexile Framework for Reading?
Lexile
What does the Lexile Framework for Reading evaluate?
Reading ability and text complexity
How many resources have been measured using the Lexile Framework?
100 million
What does the Lexile measure help students do?
Find targeted readings
Which economic philosophy promoted the idea of selling more than you buy to make your country wealthier and more self-sufficient?
Mercantilism
What were joint-stock companies primarily used for in the sixteenth and seventeenth centuries?
Funding colonizing projects
What was the main advantage of owning shares in a joint-stock company?
Minimizing individual losses
What economic system emerged in Europe during the seventeenth and early eighteenth centuries?
Capitalism
Which book introduced Europe to fractions, decimals, and the Hindu-Arabic numeral system?
Liber Abaci
What financial technology helped people give money to each other without exchanging cash and without having the money immediately at hand?
Bill of exchange
What did banks sell to individuals in order to finance government debt?
Bonds
What financial technologies revolutionized the way many nations dealt with trade, war, and colonial expansion?
Bill of exchange
Which of the following is a key characteristic of capitalism?
Workers are hired as wage laborers and sell their labor.
What role did joint-stock companies play in the expansion of colonial systems?
They facilitated the exchange of goods, money, and people between Europe and the colonies.
What effect did the economic changes of Era 5 have on communities?
They led to the reorganization of communities into nations with distinct classes.
What was the primary goal of capitalists in the new economic systems?
To accumulate wealth through the production and sale of goods.
Test your knowledge on mercantilism and its impact on European powers during the historical period. Explore the involvement of Spain, France, and England, as well as other major players in this economic system.
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