Which system was the earliest economy in the colonies based on?(1 point) Responses apprenticeship apprenticeship mercantilism mercantilism barter barter import import
The earliest economy in the colonies was based on barter.
The earliest economy in the colonies was based on the system of mercantilism.
The earliest economy in the colonies was based on the system of mercantilism. Mercantilism was an economic theory and practice that dominated Western European economies from the 16th to the 18th century. It was based on the idea that a country's wealth and power could be increased by accumulating precious metals, particularly gold and silver, through a favorable balance of trade. In the American colonies, this meant exporting raw materials, such as tobacco and timber, to England, and importing finished goods from England in return. This system was heavily controlled by the British government through a series of navigation acts and other regulations, which aimed to ensure that the colonies remained economically dependent on England.
