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Explain Which Economic Theory Was Put Into Practice During The Age Of Exploration

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3. Which economic theory was put into practice during the age of exploration? The economic theory that was put into practice during the age of exploration was mercantilism. Mercantilism was the belief and thought that a nation’s prosperity depended entirely on a large supply of gold, bullion, and silver. So, the government tried to encourage exports by granting subsidies, which were payments made to enterprises that the government found beneficial to the nation. The government also improved transportation systems and put high taxes on foreign goods to keep the balance of trade favorable. Overall, due to mercantilism, European colonies were viewed important because they were the main source for manufactured goods. 7. Write a paragraph describing
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