ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Land
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Labor
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Physical Capital
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None of the above
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Detailed explanation-1: -The Industrial Revolution shifted from an agrarian economy to a manufacturing economy where products were no longer made solely by hand but by machines. This led to increased production and efficiency, lower prices, more goods, improved wages, and migration from rural areas to urban areas.
Detailed explanation-2: -Pro: Goods Became More Affordable and More Accessible Factories and the machines that they housed began to produce items faster and cheaper than could be made by hand. As the supply of various items rose, their cost to the consumer declined (see supply and demand).
Detailed explanation-3: -Historians have identified several causes for the Industrial Revolution, including: the emergence of capitalism, European imperialism, efforts to mine coal, and the effects of the Agricultural Revolution.
Detailed explanation-4: -Instead of utilizing artisans to produce hand-made items, machines started to help and eventually take the place of the artisans. Machinery during the Industrial Revolution such as the spinning wheel to produce textiles, the water wheel used to power machinery and the steam engine were invented.