Free Enterprise

In this economic system, a mother country gained wealth by...

• allowing competition in the marketplace
• giving colonist political and religious freedom
• carefully controlling trade
• participating in the Great Awakening

The laws passed in Great Britain to control trade were called...

• The Act of Toleration
• The Magna Carta
• The English Bill of Rights
• The Navigation Acts

What was the economic system used by Great Britain in which colonies were established in the Americas?

• Free enterprise
• Mercantilism
• Mixed economy
• Command economy

Mercantilism can best be described as what?

• the idea that a colony should be self sufficient and able to provide for itself

• the idea that a nation needs to strongly equip its colonies to defend itself in case of foreign attack

• the idea that the religion of a colony should differ from the religion of the mother country

• the idea that a nation's power is related to its wealth and needs a favorable balance of trade with its colonies

Colonization supported the European economic policy of mercantilism by providing what?

• a way to get rid of excess silver and gold
• a place to store raw materials for future use
• finished products to sell in Europe
• a market for selling goods

The business endeavors in the English colonies in America led to the emergence of an economic system where most of the production was privately owned. What is the system called?

• socialism

• communism

• mercantilism

• free enterprise

What is free enterprise?

• government control of production and goods

• private control of production and goods for profit

• employee control of production, goods, and profit

• international control of production and goods for profit

Under which economic system would American entrepreneurs and investors most likely be found?

• mercantilism

• free enterprise

• communism

• feudalism

Which type of economy is best described by these characteristics?

• Subsistence farming

• Free enterprise

• Mercantilism

• Socialism

Which of the following best completes this illustration?

• Free Enterprise System

• Mercantile System

• Federalism

• Republicanism