The Impact Of Exploration On European Economy

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The Impact Of Exploration On European Economy by Mind Map: The Impact Of Exploration On European Economy

1. How does markets economy grow??

1.1. A market economy happens when prices determined by supply and demand.

1.2. If a product was in high demand and there was allot of the same product, it would be really cheap and many people would buy it.

1.3. When have money and they start selling more things and they get more money.

2. How did exploration help capitalism???

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

3. What is the cottage industry??

3.1. Merchants needed to hire people to turn raw materials into products many people were hired to work in cottages, or homes.

3.2. Lots and lots of products were created this way this was called the cottage industry.

4. What is Mercantilisn?

4.1. To do this they increased exports (what they sold) and decreased imports (what they brought).

4.2. They also establish new colonies in other places to get even.