The Impact of European Exploration

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

1. How did exploration help capitalism

1.1. Capitalism is a econmic system based on investment of money for profit.

1.2. More exploration leds to more trade which equals to people with money to invest in companies.

2. How does a market economy grow

2.1. Once people got money they were able to buy and sell alot of things.

2.2. If a product was in high demand and didnt have much suppply of it it would be expensive.

2.3. A market economy is when the prices are determined by the supply and demand.

3. What is the cottage industry

3.1. Merchants hired people to turn raw materials into products. Many peole worked in cottages or homes.

3.2. Many products were created like this. This was called the cottage industry.

4. What is mercantilism

4.1. Countires had thought if they saved money they would build power.

4.2. They had to increase exports(what they bought) and decreased imports(what they brought).

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