ECONOMICS PRODUCTIONDISTRIBUTIONCONSUMPTION of goods and
services The study of the
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1. What 1. What should we produce? 2. How much 2. How much
should we produce? 3. How 3. How should we produce it? 4. Who 4.
Who should consume it? ? The Four Economic Questions
Jean-Baptiste Colbert Louis XIVs Finance Minister Associated
with Mercantilism Bourgeoisie Wealthy Merchants Son
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What is Mercantilism? national state rivalry A system of
political and economic policy, evolving with the modern national
state and seeking to secure a nations political and economic
supremacy in its rivalry with other states. preciousmetals
exporting favorablebalanceoftrade According to this system, money
was regarded as the store of wealth, and the goal of a state was
the accumulation of precious metals by exporting the largest
possible quantity of its products and importing as little as
possible, thus establishing a favorable balance of trade.
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The Economic Assumptions of Mercantilism
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National Wealth is measured in PRECIOUS METALS Some rights
reserved by sprottmoneySome rights reservedsprottmoney
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This wealth is FINITE Some rights reserved by sprottmoneySome
rights reservedsprottmoney
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Zero-Sum Game Some rights reserved by randomduckSome rights
reservedrandomduck
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In order for me to get a bigger piece, you have to get a
smaller piece. Some rights reservedSome rights reserved by
casey.marshallcasey.marshall
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ECONOMIC RIVALRY Some rights reservedSome rights reserved by
Official U.S. Navy ImageryOfficial U.S. Navy Imagery
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ECONOMICS: A TEAM SPORT Some rights reservedSome rights
reserved by Official U.S. Navy ImageryOfficial U.S. Navy
Imagery
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Favorable Balance of Trade EXPORTS > IMPORTS
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Self-Sufficiency
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Some rights reservedSome rights reserved by Lexie
Mercantilism Hand Turkey Exports > Imports
BullionSelf-SufficiencyRegulationSubsidiesMonopoliesTariffsColonialismCorruption
How to Draw a Hand Turkey AKA Merc Turk Art Credit: brandon
schauerbrandon schauer