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People lived in small groups Shared resources and profits Bartered for wants and needs

Kings and Queens

Aristocrats

Aristocrats

Commoners

Commoners

Commoners

Tenant farming began Increased motivation Farmers made small profits

Conflicts

over profits Wars were common Land and resources seized

y Global trading of products


Borrowed

capital funded trading Buy low, sell high elsewhere Banking became a respected business

y King John signs Magna Carta y Changes History forever y Rights to private properties y Balance of power shifted

Private

properties become enterprising Private production, trade and distribution

Market

Goods

Services

$$$$$$

Innovation

Steam Engine Transporting costs cheaper Mass production

Steam

engines increase productivity Workers displaced Common land was taken back Immigration was on the rise

Aristocrats

no longer had

power People made their own millions Business is still booming

Axia College (2007). The Evolution of Business, Week One, Chapter 2 reading. Retrieved from Axia College, Bus/210 website. Windows XP Clip Art (2010) Retrieved March 26, 2010.