How did innovation & competition contribute to economic growth & westward expansion?

Social Studies

1 answer:

Pachacha [2.7K]2 years ago

5 0

Answer:

Innovation Lead to the invention of new products in the market and new methods to mass produce it (using machinery and non-renewable energies.)

Because of this, many people start to see an opportunity to accumulate wealth. Often times, these people aimed to gained costumers from the same market. Which is why they compete with one another to make those costumers favor their products. This lead to the creation of many jobs and tax payments for the government. Leading to rapid economic growth for the nation.

When a market in a certain area is saturated, many people started to look for new unoccupied territory to open new business. This is why they started to go to the west with the hope that they can find cheaper land and cheaper natural resources. This is what referred to as westward expansion.

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