HISTORY
ABSOLUTISM AND REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The European economy underwent great changes in basic economic practices.
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Traders began using advertising to convince people to buy goods.
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Peasants revolted and demanded factory work instead of farming.
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Improvements in ships allowed traders to travel great distances.
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Detailed explanation-1: -The Commercial Revolution in Europe marked an important step from Europe being a local economy TO the formation of a truly global economy. People began to produce more goods for sale rather than for their own use. Europe imported goods from the Americas, Ming China, and India.
Detailed explanation-2: -The Commercial Revolution is marked by an increase in general commerce, and in the growth of financial services such as banking, insurance and investing.
Detailed explanation-3: -One of the economic developments to come out of the Commercial revolution was the development of banking. Various legal and religious developments in the late Middle Ages allowed for development of the modern banking system at the beginning of the 16th century.
Detailed explanation-4: -For starters, the Commercial Revolution was a period of European economic expansion, which began in the 16th century. The catalyst for this expansion was Europe’s discovery and colonization of the Americas. As trade routes grew between the New World colonies and Old World Europe, the European continent was transformed.