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 a cottage industry?

1.1. Merchants needed to hire people to make products so they hired them to work at homes.

1.2. Allot of products were made this way and was called the cottage industry.

2. How does a market economy grow?

2.1. When people started to gain more money they were able to buy and sell more products.

2.2. When a product was demanded highly and there wasn't much of the product it can get expensive.

2.3. Market economies happen when prices are determined by the amount of the product and the demand.

3. How did Exploration help Capitalism

3.1. Capitalism is a system that is based on the investment of money to get profit.

3.2. The more you explored the more trade you received. When you traded you got more money to invest.

4. What is mercantilism?

4.1. Countries thought at one point that the way to gain power was to save their money.

4.2. In order to do this they increased exports .

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