Traders in the 18th century were encouraged to focus on selling their nation's goods in the global market to create a favorable balance of trade. Nations attempted to sell more goods to other nations than they bought from other nations. This approach to global trading is called:

Question

Quizplus · Accepted Answer

The approach described in the question is mercantilism, which was a dominant economic theory during the 18th century. It held that a nation's wealth and power could be increased by exporting more than it imported, thus creating a favorable balance of trade. Ethnocentrism involves judging other cultures based on the values and beliefs of one's own culture, while protectionism involves using trade barriers to protect domestic industries. Isolationism involves avoiding involvement in international relations altogether.

Traders in the 18th Century Were Encouraged to Focus on Selling