Question

1. Describe one economic system used in Europe during the Middle Ages or Age of Exploration and one economic system used during the Industrial Revolution. Then, briefly explain the important differences between these systems.

Answer 1

• Feudalism was a social and government system rather than an economic one.
• Transition beyond manufacturing focus to a service-based economy
- fewer companies manufacturing goods
- more technical, educated, professional workers,
- New scientific disciplines
- more emphasis on higher edcuation