Question

Define "cottage industry" and explain why it was important to the European economy

Answer 1

Answer: A cottage industry is a small-scale, decentralized manufacturing business often operated out of a home rather than a purpose-built facility. Cottage industries are defined by the amount of investment required to start, as well as the number of people employed. They often focus on the production of labor-intensive goods but face a significant disadvantage when competing with factory-based manufacturers that mass-produce goods. word was initially applied to cottage industries in the countryside. In spite of the opposition of urban guilds, rural residents were performing many industrial tasks. Agricultural labor did not occupy the peasants during the entire year, and they devoted their free hours to such activities as spinning wool or weaving…

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