WORLD HISTORY

Detailed explanation-1: -New machines increased the efficiency of production. How did the economic freedoms during the Industrial Revolution contribute to a better quality of life? Higher wages helped provide better food and shelter, people had more choices in work and transportation improved.

Detailed explanation-2: -How did the free enterprise system encourage the Industrial Revolution? It encouraged the Industrial Revolution by allowing businesses to work for profit with minimal regulation beyond what is necessary to protect the public interest, caused Entrepreneurs to thrive and compete among each other.

Detailed explanation-3: -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-4: -The industrial revolution also created new opportunities for social mobility, and many middle-class families were able to improve their economic status. As a result of these factors, the middle class became an increasingly important force in society during the second industrial revolution.

Detailed explanation-5: -A new economic system we now know as capitalism emerged. In industrializing Great Britain, the focus began to shift from accumulating wealth to finding more effective ways to create wealth through factory systems that used the latest technology, complex division of labor, free trade, etc.

Detailed explanation-6: -Contending Economic Theories: Neoclassical, Keynesian, and Marxian.