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 the cottage industry

1.1. When they would trade they would hire peoplt to make products out of the items at their houses.

1.2. Items being made at home in a cottage was the cottage industry.

2. What is mercantilism

2.1. Countries thought if you saved money you would gain more power.

2.2. To increase power they sold more but they did not buy more.

2.3. They established new colonies elsewhere to gain more power and money.

3. How did exploration help capitalism?

3.1. Capitalism is based on putting money on something and expecting to get monet back

3.2. The more they explored the more they go to trade. Therefore getting more money to invest in companies.

4. How does a market economy grow?

4.1. When people got more money they could sell more stuff people actually wanted and they could get more money.

4.2. If people really wanted smething and there were little to no sellers the sellers could have it very expensive.

4.3. Supply and demand determin the prices in a market economy.