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 where people see if they make profit on how much they invest.

1.2. exploration+trade=money to invest in companies.

2. How does a market economy grow?

2.1. money= people could buy and sell more things

2.2. If a supply or product was wanted and there was very little of it then it would be expensive.

2.3. A market economy is when supplies and want determine how much things cost.

3. What is the cottage industry?

3.1. Merchants hired people to take new materials and turn them into a useful item and they worked in cottages, or homes.

3.2. Many useful things were created this way, cottage industry.

4. What is mercantilism?

4.1. powerful= save money

4.2. To do this, they decreased what they bought and increased what hey sold.

4.3. more money+establishing colonies