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Name Date CLASS Reading Essentials and Study Guidenetw rksThe Age of Exploration Lesson 2 The First Global Economic Systems ESSENTIAL QUESTIONWhat are the effects of political and economic expansion?Reading.

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Key Takeaways The two branches of economics are microeconomics and macroeconomics.

How did European expansion create the first global economic system? ideas that led to a world economy,the Columbian Ex-change; the spread of European diseases to native peoples; the theory of mercantilism that encouraged colonial expansion.

Results of Mercantilism and this economic activity was the Columbian Exchange and the Triangular Trade. Exchange of plants, animals, goods, and diseases between the old and new worlds. Colonization drove the Columbian exchange and this is an example of the first global economy.

There are 3 types of economic systems, namely mixed economy, capitalist economy, and socialistic economy. Here are some general characteristics of an economy: The type of economy is based on the means of production and ownership of resources.

The four types of economic systems are traditional, command (or controlled), market (or capitalist), and mixed. Keep in mind that the four systems described here are theoretical representa- tions of economies found throughout the world. No “pure” sys- tems really exist—they are all mixed economies to some degree.

The 4 main types of economic systems are traditional economies, command economies, market economies, and mixed economies.

There are many different types of economic systems used throughout the world. Some examples are socialism, communism, and capitalism.

Answer and Explanation: European expansion created the first global economic system by integrating faraway places with the economies of Europe (as well as neighboring areas in North Africa and Western Asia).

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