Mercantilism
A national economic policy that is designed to maximize the exports, and minimize the imports
Real World Example
During the Colonial Era from 1400-1760, mercantilism was a policy that aimed to increase a nation's wealth by controlling trade and establishing colonies. European countries, like England and France, believed having more exports than imports would make them richer and more powerful. This policy led to the establishment of colonies, which provided resources and markets for European goods. Today, the concept of protecting local industries is still seen in debates over tariffs and trade agreements. For example, if a country imposes high taxes on imported goods, it might encourage people to buy locally made products, impacting prices and choices in everyday shopping.
Practice Version
