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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Explain what the Industrial Revolution was and where it began.

To determine

To write:

About Industrial revolution and the location of its inception.

Answer

Industrial resolution is that phase of European and American history when the economies of Europe and America transformed from agriculture based to manufacturing based. The industrial revolution was initiated in Great Britain.

Explanation

From the late 18th century to early 19th century, more precisely1760 to 1820 and 1840, the European and American economies shifted their base from agriculture to machine-based industry. This change happened in a short span of time and ushered in radical change in the way these countries used to produce and consume. The developments in this phase were so important that they changed the entire structure of the economies and transformed them from being poor and primitive to rich and modern. That is why this event is known as industrial revolution. Industrial revolution was spurred in the Great Britain for the first time.

Concept

Revolution −A sudden and radical change in the either political, economic or social arena.

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