USA HISTORY

THE VIRGINIA DYNASTY 1801 1825

AMERICAN INDUSTRIALIZATION FACTORY SYSTEM AND MARKET REVOLUTION

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
A ____ is a small group of business people who manage companies in a unified way and effectively eliminate the competition.
A
monopoly
B
trust
C
corporation
D
L.L.C
Explanation: 

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: -The factory system was a new way of making products that began during the Industrial Revolution. The factory system used powered machinery, division of labor, unskilled workers, and a centralized workplace to mass-produce products.

Detailed explanation-3: -The Industrial Revolution brought rapid urbanization or the movement of people to cities. Changes in farming, soaring population growth, and an ever-increasing demand for workers led masses of people to migrate from farms to cities. Almost overnight, small towns around coal or iron mines mushroomed into cities.

Detailed explanation-4: -The Industrial Revolution brought about sweeping changes in economic and social organization. These changes included a wider distribution of wealth and increased international trade. Managerial hierarchies also developed to oversee the division of labor.

There is 1 question to complete.