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 did exploration help Capitilism?

1.1. An Economic system based on investment of money for profit.

1.1.1. New node

1.1.2. New node

1.2. The more they trade the more they get to sell items and get more money out of that profit.

2. How does a Market Economy grow?

2.1. Once people have more money,they could sell a lot more things.

2.1.1. New node

2.2. If and item was on high demand,they would lower the amount down.

2.3. A Market Economy happens when prices are determined by supply and demand.

3. What is the cottage industry?

3.1. Merchants hired many people to turn raw materials into products.

3.1.1. New node

3.2. Mostly all their products were made in cottages,in people house's.

4. What is Mercantilism?

4.1. They tought the best way to build power was to save money.

4.2. They did this by buying stuff and then increasing the price on the item.

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