What was the basic economic structure established by England? (1 point) Responses import/export economy import/export economy mercantilism mercantilism market economy market economy capitalism
The basic economic structure established by England was mercantilism.
The basic economic structure established by England was mercantilism.
The basic economic structure established by England was mercantilism. To arrive at this answer, we need to understand the key features and principles of various economic systems.
An import/export economy simply refers to a country's economic system that heavily relies on international trade, but it does not specifically describe the economic structure of England.
Market economy is a system in which the production and distribution of goods and services are primarily determined by supply and demand within a free market, where prices are set by individuals and businesses. Although aspects of market economy were present in England, it does not adequately describe the economic structure established by England.
Capitalism is an economic system characterized by private ownership of resources and means of production, profit motive, and competitive markets. Capitalism was not the economic structure that England established.
The correct answer is mercantilism. Mercantilism was a prevailing economic system during the colonial period, where colonies were seen as suppliers of raw materials to the mother country (in this case, England) and markets for manufactured goods. Mercantilism focused on accumulating wealth for the nation through a combination of protectionist trade policies, such as the promotion of exports and the restriction of imports, as well as colonization and the establishment of colonies as sources of raw materials.
Hence, the basic economic structure established by England was mercantilism.