The Term Mercantilism Can Best Be Defined As

question 3

Multiple Choice

The term mercantilism can best be defined as:

• A)An economic system in which there is private ownership as opposed to state ownership) and where there is an impetus to produce profit, and thereby wealth.
• B)When children tend to enter the same or similar occupation as their parents.
• C)An economic policy based on national policies of accumulating silver and gold by controlling markets with colonies and other countries through taxes and customs charges.
• D)An economic system in which there is government ownership often referred to as "state run") of goods and their production, with an impetus to share work and wealth equally among the members of a society.

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Definitions:

Income Statement

A financial statement that shows a company's revenue and expenses over a specific period, resulting in a net income or loss.

Cost of Goods Sold

Expenses directly connected to the crafting of merchandise a company markets, comprising materials and labor.

Finished Goods

The inventory that has completed all stages of production and is ready to be sold to customers.

Advertising Expense

The cost incurred by an organization to promote its products, services, or brand in various media.