Answer:
The Shift from Artisan to Factory Worker and the Factory System
a) The Shift from Artisan to Factory Worker: Earlier, people produced everything they needed by their own hands. Food production was limited to subsistence level as every household owned farms on which they cultivated the food the family required. The artisan worked alone to handcraft tools and other ornamental works.
But, all this changed with the invention of the steam engine. Following the improved systems of transportation with steamboats, travelling was enhanced. Gradually, production processes were mechanized. Factories started springing up in concentrated areas near water channels. People left their rural areas to live near the factories in towns and cities. With the birth of the factory system, goods were mass-produced and could be sold in markets farther from the factory towns.
It was the age of industrialization, trade unionization, assembly line production, scientific management, and now complete automation of processes with robots replacing manual labor. It has been a long way.
b) Advantages of the Factory System:
- Hunger was reduced as more food items were produced and processed into finer products on a large scale.
- Exports of goods were encouraged and more markets outside the domestic markets were explored.
- The world became a global village with the pursuit of the common good of man, thereby levelling human beings to a common humanity and experience.
- More sophisticated goods and equipment can now be produced as a result of the factory system. Manual labor has been eased greatly.
- The factory system introduced scientific management, which has ensured production innovations and encouraged skills development.
c) Disadvantages of the Factory System:
- The artisan was rendered jobless by the factory system as some of the tools and goods which only the artisan could produced was commonalized to the extent that unskilled laborers could produce them, just by each concentrating on a part through the principle of division of labor.
- The factory system created urbanization with its attendant problems, especially sanitation problems and pollution of the environment. People's health has been jeopardized as a result.
- The factory system also created the consumerism culture.
- It widened wealth-inequality as wealth creation became concentrated in the hands of a few people.
Explanation:
The factory system encourages a method of manufacturing through the use of machines, automation, and division of labour. It gave rise to urbanization, transportation efficiency, and globalization.
Answer:Expected value = - 94661.45
Explanation:
The Policy pay out is $95000 ,if a client is in life threatening accident insurance company will loose $95000, if the client is not in a life threatening accident the insurance company will gain $250
Probability (Client is in a threatening accident) = 0.999063
Probability (not in a life threatening accident)= 1 - 0.999063 = 0000937
Insurance Premium = $250
Insurance Payout = $95000
expected value = 0.999063 x (- (95000 - 250)) + 0.000937 x (250)
expected value = 0.999063 x (-94750) + 0.000937 x (250)
expected value = - 94661.21925 + 0.23425 = - 94661.44675
expected value = - 94661.45
Answer:
The correct answer is letter "B": False.
Explanation:
In front of the case that people are becoming ill after consuming peanut butter produced and jarred in Jack's plant, he should take steps to reach the affected population to find out what he can do to help them. There must be proof that Jack's peanut butter is affecting them people for him to begin providing <em>restitution</em>. Otherwise, the affected population can gather to jointly sue Jack which is potentially dangerous for his business. Besides, he should make a research to verify if the peanut butter that is still being offered can harm others so he can withdraw them from the market.
Going into an informal organization would only worsen Jack's situation.
Answer:
If Solemon wants to earn a targeted profit of $3,600, the number of units must be sold are 9,300 units.
Explanation:
In Solemon Company:
Contribution margin per unit = Sales price – Variable cost per unit = $8-$6=$2
The number of units must be sold to meet the target profit figure are calculated by using following formula:
The number of units must be sold = (Total fixed cost + Targeted profit) / Contribution margin per unit.
In there: Total fixed cost are $15,000
Targeted profit are $3,600
The number of units must be sold = ($15,000 + $3,600)/$2 = $18,600/$2 = 9,300 units.
