The Import of Exploration on European Economics

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The Import of Exploration on European Economics by Mind Map: The Import of Exploration on European Economics

1. What's the cottage industry?

1.1. Merchants needed people to turn raw materials into products.These people usually worked in their houses.

1.2. This was called cottage industry it was very popular.

2. How did exploration help capitalism?

2.1. Capitalism is when you in vest money for profit.

2.2. More exploration led to more trade, which led to more money invested.

3. How does a market economy grow?

3.1. The more money people had the more money they spent and sold stuff.

3.2. If there waas a product that was highly wanted and it was low in supply it would cost a lot.

3.3. A market economy is when a product is priced because of demand and supply.

4. What is mercantilism?

4.1. The best way to gain power was to save money.

4.2. To do this they increased The value of exported goods and decreased the value of imported goods.

4.3. They just not do that they also made colonies o gain power.