// economic thought that guided European thinking about international trade during 1500- 1750 a central belief was that national well- being or wealth was based on national holdings of precious metals (specie e.g. gold and silver).
// acquisition of precious metals thus became the ways for increasing wealth and well- being.
// the mercantilists kept wages low. Because labor was the important factor, low wages meant that production costs would be low and a country’s products would be more competitive.