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

1.2. More exploration led to more trade, which gave people money to invest in companies.

2. How does a market economy grow?

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

2.2. If a product was in high demand and there wasn't much of a supply of that product, it could be very expensive.

3. What is a cottage industry?

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

4. What is mercantilism?

4.1. Countries thought that the best way to build power was to save money.

4.2. To do this, they incresed exportss(what they sold) and decreased imports(what they brought).

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