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. What is cottage industry?

1.1. Many people were hired to work in homes, or cottages to help out merchants turn raw materials into products.

1.2. Many products were created this way.

2. What is mercantilism?

2.1. Mercantilism is that it was thought that the best way to build power was by saving money.

2.2. In order to do this, they increased what they sold, and decreased what they bought.

3. How did exploration help capitalism?

3.1. Capitalism:an economic system based on investment of money for profit.

3.2. The more people explored, it led to more and more trade, which gave people money to invest in companies.

4. How does a market economy grow?

4.1. People began to buy and sell things once they had enough money.

4.2. If a product was selling really well, but there wasn't enough supply of it, it could be very expensive.