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 explorations help capitalism?

1.1. More exploration led to more trade, which gave people money to invest in companies.

2. How does a market company grow?

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

2.2. A market economy happens when prices are determined by supply and demand.

3. What is the cottage industry?

3.1. Merchants needed to hire people to turn raw materials into products. Many people were hired to work in cottages, or homes. Lots of products were created this way.

4. What is mercantilism?

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

4.2. To do this they increased exports and decreased imports.