Economic Changes During the Commercial Revolution

The video explores the Commercial Revolution in 16th century Europe, highlighting the shift from a land-based economy to a money economy. It discusses the establishment of the Bank of Amsterdam, the rise of joint stock companies like the Dutch East India Company, and the impact of Potosi silver on European inflation. The video also covers changes in agriculture, the enclosure movement, and the social effects of these economic shifts, including the rise of a new economic elite, urban migration, and changes in family patterns.

What was the primary commodity that became most desirable in Europe during the Commercial Revolution?

• Land

• Money

• Gold

• Spices

Why was the establishment of the Bank of Amsterdam significant in the 16th century?

• It was the largest bank in Europe

• It marked the shift to a money economy

• It was the first bank in the world

• It was state-owned

What financial innovation was associated with the Dutch East India Company?

• Single-entry bookkeeping

• Barter system

• Joint stock company

• State-sponsored banking

What was the main reason for the Price Revolution in Europe?

• Rise of the banking sector

• Increased agricultural production

• Influx of silver from Potosi

• Discovery of gold in Africa

How did the enclosure movement affect peasants in England?

• It provided them with more jobs

• It disrupted their traditional way of life

• It improved their living conditions

• It increased their land ownership

What was a major agricultural change during the Commercial Revolution?

• Commercialization of agriculture

• Shift to subsistence farming

• Introduction of new crops

• Decrease in land productivity

What was the impact of the Price Revolution on the general population?

• Equal distribution of wealth

• Decrease in prices

• Increased poverty for those without silver

• Stabilization of the economy

What was one of the effects of the Commercial Revolution on European society?

• Rise of a new economic elite

• Decrease in urban population

• Strengthening of feudalism

• Decline in trade

What was a significant consequence of urban migration during the Commercial Revolution?

• Increase in rural population

• Decrease in city resources

• Improvement in living standards

• Spread of deadly diseases

How did the Commercial Revolution impact family patterns in Europe?

• People married at a younger age

• Families became larger

• Marriage rates declined

• Multi-generational households increased