WORLD HISTORY

Detailed explanation-1: -Factories and other resources used in production are owned and managed by individuals called capitalists. They invest money in order to buy machines, raw materials, and employ workers. Working conditions in the factories were not always good, so workers campaigned for their rights.

Detailed explanation-2: -A system of economy in which all means of production are owned and controlled by private individuals for the purpose of profit is called capitalist economy. It is a decentralised form of economy where there is no government control.

Detailed explanation-3: -The main advantage comes from the fact that industrialization gives us more goods that can be bought at affordable prices. When an economy industrializes, things are made more rapidly and in higher quantity. This means prices can go down and a lot of other goods can be made.

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.