How were European economies impacted by trade with Asia?(1 point)
Responses
They made millions through the sale of luxury goods.
They made millions through the sale of luxury goods.
They grew wealthy and purchased many artistic and luxury goods.
They grew wealthy and purchased many artistic and luxury goods.
They experienced economic depression due to their own goods being devalued.
They experienced economic depression due to their own goods being devalued.
They were motivated to form permanent colonies in Asia after growing immense wealth.
They were motivated to form permanent colonies in Asia after growing immense wealth.
They were motivated to form permanent colonies in Asia after growing immense wealth.
The correct answer is: They grew wealthy and purchased many artistic and luxury goods.
To understand how European economies were impacted by trade with Asia, we need to look at the historical context. During the 16th and 17th centuries, European powers such as Portugal, Spain, the Netherlands, and England established trade routes with Asian countries, particularly in areas such as India and China.
Through these trade routes, Europeans gained access to valuable goods and resources from Asia, such as spices, silk, tea, and porcelain. These luxury goods were highly sought after in Europe, and their trade brought immense wealth to European merchants and traders.
The influx of Asian luxury goods into Europe created a market for these products, leading to an increased demand. As a result, European economies grew as merchants and traders were able to sell these luxury goods at high prices, earning substantial profits. This economic growth, in turn, allowed Europeans to purchase more artistic and luxury goods from Asia.
Examples of this can be seen in the rise of luxury industries, such as the trading of spices, which brought considerable wealth to European countries like Portugal and the Netherlands. The Dutch East India Company, for instance, became one of the most powerful and profitable trading companies, thanks to its control over trade with Asia.
Overall, the trade with Asia had a significant impact on European economies by fueling economic growth and enabling Europeans to accumulate wealth through the sale of luxury goods.