Consumers were offered with variety of choices of goods in the market. Factory system enabled mass production of products at cheaper rate with high quality.
Factory system replaced the indigenous system wherein goods are produced by simple techniques. With evolution of machines, the quality of the product highly increased which led to customer satisfaction. The price of the products was fair and the purchasing power of the consumers increased which afforded them to buy the product.
Due to the availability of cheap labor, workers were employed in factories and were made to stay nearby factories so that they can be easily supervised. Housing facilities were given to the workers by the factory owners which highly motivated the workers to work for extra hours for an increased output.
More goods than there were demands for them.
<span>There wasn't enough money in circulation to support a healthy economy.</span>
Answer:
The Industrial Revolution is one of the most significant events in all of world history and had a profound impact on the modern world. It began first in Britain in the 1700s but soon expanded to the rest of Europe and North America. When discussing the economics of the Industrial Revolution it's first important to recognize that the early years of the Industrial Revolution were based on the principles of capitalism while the later years introduced more socialist beliefs.
Explanation:
