The Second Industrial Revolution was a period of rapid industrial development, primarily in Britain, Germany, and the United States, but also in France, the Low Countries, Italy, and Japan. It was characterized by the build out of railroads, large-scale iron and steel<span> production, widespread use of machinery in manufacturing, greatly increased use of steam power, </span><span> use of petroleum and the beginning of </span><span>electrification. However, d</span>uring the second industrial revolution access to raw materials has decreased.
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In economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change. For example, in the standard text perfect competition, equilibrium occurs at the point at which quantity demanded and quantity supplied are equal.[1] Market equilibrium in this case is a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers. This price is often called the competitive price or market clearing price and will tend not to change unless demand or supply changes, and quantity is called the "competitive quantity" or market clearing quantity. But the concept of equilibrium in economics also applies to imperfectly competitive markets, where it takes the form of a Nash equilibrium.
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But the neutral USA entered World War II only after many months of argument in Congress and among the general public, and only when a Japanese fleet launched a big surprise air raid against its Pacific naval base at Pearl Harbor in Hawaii on 7 December 1941.
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