The Industrial Revolution transformed economies that had been based on agriculture and handicrafts into economies based on large-scale industry, mechanized manufacturing, and the factory system. New machines, new power sources, and new ways of organizing work made existing industries more productive and efficient.
<u>Key features of the Industrial Revolution</u>
- Population shift – moving from rural agriculture to work in factories in cities.
- Mass production of goods, increased efficiency, reduced average costs and enabled more to be produced.
- The rise of steam power, e.g. steam trains, railways and steam-powered machines.
c. visual imagery
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Explanation:
Why is the free enterprise system subject to business cycles? Because individuals and businesses acting in their own self-interest make economic decisions about factors such as prices, production, and consumption. ... It fixes prices for products.
