Question

Reread the text under the heading “Better Standards of Living.” Explain the relationship between price and supply, and how this affected people’s standard of living during the Industrial Revolution.

Answer 1

Answer:

When supply goes up, and things are more accessible, price goes down. That is because demand goes down with it.

Explanation:

When supply goes up, and things are more accessible, price goes down. That is because demand goes down with it. The demand goes down because having more supply makes it easier to get and thus, not in need so much. During the industrial revolution, supply of things changed a lot. the idea of industry globally bloomed, and the world saw mass production of goods at super high rates. Because the supply of products was now much higher because of factories and mass production allowing for more stuff to be made so much faster, the demand for goods went down as there wasn't as much a need for things and thus, the price went down as well.