Colony- A group of emigrants or their descendants who settle in a distant territory but remain subject to or closely associated with the parent country.
Empire- A political unit having an extensive territory or comprising a number of territories or nations and ruled by a single supreme authority.
Mercantilism- The theory and system of political economy prevailing in Europe after the decline of feudalism, based on national policies of accumulating bullion, establishing colonies and a merchant marine, and developing industry and mining to attain a favorable balance of trade.

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