The Impact of Exploration on European Economies

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The Impact of Exploration on European Economies by Mind Map: The Impact of Exploration on European Economies

1. How does a market economy grow?

1.1. Once people started earning money they would start to buy and sell goods.

1.2. When there was a little supples and high demand you would put the price up.

1.3. The markets economy is determined by the prices and demand.

2. How did the exploration help capitalism?

2.1. Capitalism is an economic system based on investment of money for profit.

2.2. More exploration led to more trade,which gave people money to invest in businesses.

3. What is merchantlism?

3.1. The best way to build power was to save money.

3.2. They increased exports.

3.3. They established colonies in other places to get even more money.

4. What is the cottage industry?

4.1. Merchants needed people to turn raw material and turn it into something they can use,

4.1.1. New node

4.2. Lots and lots of products were made in cottages.