Identify the technological and economic innovations that facilitated the Commercial Revolution.(1 point)
Responses
navigational technology, joint-stock companies, banks, and exploitation
navigational technology, joint-stock companies, banks, and exploitation
mercantilism, joint-stock companies, banks, and insurance companies
mercantilism, joint-stock companies, banks, and insurance companies
navigational technology, joint-stock companies, banks, and insurance companies
navigational technology, joint-stock companies, banks, and insurance companies
navigational technology, joint-stock companies, banks, and loans
The correct response is: navigational technology, joint-stock companies, banks, and insurance companies.
The correct answer is navigational technology, joint-stock companies, banks, and insurance companies.
The correct answer is: navigational technology, joint-stock companies, banks, and insurance companies.
To identify the technological and economic innovations that facilitated the Commercial Revolution, we need to understand the key advancements that played a crucial role during that time.
1. Navigational Technology: This refers to the development of technologies like improved ship designs, navigational instruments (such as the astrolabe and compass), and mapmaking techniques. These advancements enabled explorers and traders to venture further into the unknown, discover new trade routes, and establish international trade networks.
2. Joint-Stock Companies: These were business entities created by pooling the resources of multiple investors to undertake large-scale commercial activities. Joint-stock companies spread the financial risks among many shareholders, making it easier to fund expensive voyages and establish overseas trade operations. Examples of well-known joint-stock companies include the Dutch East India Company and the British East India Company.
3. Banks: The emergence of banking institutions played a crucial role in facilitating the Commercial Revolution. Banks provided a safe place for merchants to deposit their money, offered loans to fund trade ventures, and developed credit and payment systems, making international trade transactions more efficient and secure.
4. Insurance Companies: As trade expanded and became riskier, insurance companies emerged to mitigate the potential losses. By providing coverage against risks such as shipwrecks, piracy, and loss of cargo, insurance companies encouraged traders to engage in riskier ventures and facilitated the growth of long-distance trade.
Therefore, the correct response from the given options is "navigational technology, joint-stock companies, banks, and insurance companies." These technological and economic innovations were instrumental in driving the Commercial Revolution by expanding trade networks, reducing risks, providing financial resources, and improving navigation capabilities.