What are the 5 components of mercantilism?

Answer 1

The five components of mercantilism include:

1. Government Regulation: Strong government intervention in the economy to control trade and protect national interests.
2. Trade Surplus: The aim to maximize exports while minimizing imports to achieve a favorable balance of trade.
3. Colonial Expansion: Establishing colonies to secure raw materials and markets for finished goods.
4. Monetary Policy: Accumulating precious metals like gold and silver as a measure of wealth and economic strength.
5. Protectionism: Implementing tariffs and trade barriers to shield domestic industries from foreign competition.