WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
SECOND INDUSTRIAL REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Competition between businesses became unnecessary.
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Labor unions demanded and won higher wages.
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New technologies required the investment of more capital.
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Governments passed laws regulating monopolies.
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Detailed explanation-1: -Big business grew in the late nineteenth century when new sources of power such as the steam engine, coal, and electricity drove the machines in larger factories that organized production under one roof. Companies could now mass produce standardized goods faster and more efficiently.
Detailed explanation-2: -A person had to have a lot of capital to buy machines and open a factory. Those who were successful made huge profits with which to buy more machines, put up larger buildings, and purchase supplies in greater quantities at enormous savings. Thus, capital increased far more rapidly than it ever had before.
Detailed explanation-3: -The boom in productivity began with a few technical devices, including the spinning jenny, spinning mule, and power loom. First human, then water, and finally steam power were applied to operate power looms, carding machines, and other specialized equipment.
Detailed explanation-4: -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.