Mercantilism was a political-economic system that many European nations instituted in their American colonies to maximize their profits. Which of the following was a key element of mercantilism? (1 point) Responses.
Colonies produced finished goods using raw materials from Europe.
Colonies were permitted to freely trade with other European nations.
Colonies were banned from free trade and supplied raw materials to their mother country.
Colonies directly benefited from the wealth gained from trade.