The Impact of Exploration of on European Economies

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The Impact of Exploration of on European Economies by Mind Map: The Impact of Exploration of on European Economies

1. How did exploration help capitalism?

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

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

2. How does a market economy grow?

2.1. Once people have more money, they could buy and sell things now.

2.2. If a product is high on demand and there wasn't a lot of the product it could be expensive.

2.3. A market economy happens when prices are determined by supply and why people want it.

3. What is the cottage industry?

3.1. Merchants needed to hire people to turn materials into products. Many people were hired to work in cottages.

3.2. Many products were created like this, which is the cottage industry.

4. What is mercantilism?

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

4.2. To save money, they increased exports and decreased imports.

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