The Impact of Exploration on European Economics

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

1. How did exploration help capitalism?

1.1. Economic system that is based on how much you profit.

1.2. The more money there was meant that more trade occurred which also meant that people were willing to invest money on companies.

2. How does a market economy grow?

2.1. Once people had money they were able to buy and sell items.

2.2. A market economy is when the price is determined depending on the supply.

3. What is the cottage industry?

3.1. Merchants needed to hire others

3.2. The cottage industry is when many products were created.

4. What is mercantilism?

4.1. The countries thought that the best way to build power was to save some money.

4.2. The people had increased the price of what they sold and bought items that were cheap in order to save money.

4.3. People also had established colonies in other places in order to get even more money.