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Mercantilism Concepts and New France

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Questions and Answers

Which of the following was New France's first economic staple?

Furs
Fish and whaling (correct)
Timber
Corn

According to mercantilism, a country should import more goods than it exports.

False (B)

What is the primary role of colonies under mercantilism?

To provide natural resources to the mother country.

Mercantilism can be summarized as Make raw materials, Money for the __________.

<p>Mother Country</p> Signup and view all the answers

Match the economic concepts with their descriptions:

<p>Mercantilism = Economic theory focused on gold supply and trade balance Exports = Goods sold to other countries Imports = Goods bought from other countries Natural Resources = Materials sourced from colonies for manufacturing</p> Signup and view all the answers

Flashcards

What is an economic staple?

The most important economic activity for exports at a particular time and place, basically the main resource that generates income. For example, fish and whaling were the first economic staples in New France, but quickly replaced by furs.

What is mercantilism?

A theory that believes a country's power is measured by its gold supply. It encourages exporting more than importing, with colonies supplying resources to the mother country.

How does mercantilism work?

Colonies send raw materials to the mother country, who then use them to make manufactured goods. These goods are then sold back to the colonies, making the colonies dependent on the mother country for their basic needs.

Why did European countries want colonies?

European countries wanted colonies to extract natural resources like furs and fish and to sell manufactured goods back to the colonies. This created a profitable system for the mother country.

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