Describe one economic system used in Europe during the middle ages or age of exploration and one economic system used during the industrial revolution.

Manorialism is the economic system that was used during the Medieval Age or Middle age in Europe. In this system, if a land is owned by a lord or someone that has an authority or power, people living within the land have to either work or pay the lord. For example, in terms of crop, the lord will receive some earnings. Those things that the lord received will be used to provide the necessities of his/her family. On the other hand, during the industrial revolution, the capitalism was developed, which means the capital goods are owned by private individuals for profit instead of the state