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 capitalism?

1.1. Capitalism is an economic system based on investing money or profit.

1.2. The more there was exploration, the more there was trade, so it meant people had more money to invest.

2. How does a market economy gorw?

2.1. After people got more money, they started to buy ans ell more stuuf.

2.2. When a product was in high demand with not a lot of supply, it can be very expensive.

2.3. Market economy is when supply and demand determine the prize.

3. What is the cottage industry?

3.1. Many merchants hired people to make raw material into products at their house.

3.2. Many products were created this way, which was called cottage industry. Cottage means home.

4. What is mercantilism?

4.1. The best way to get power was by saving money.

4.2. In order to save money, they bought less and sold more.

4.3. They also established colonies in other places.