Initially effecting the economy of Britain, the industrial revolution increased the amount of trade, and growing rapidly Britain was known as ‘’’the workshop of the world’, the centre of the world manufacturing, finance and trade. By the 1870’s, Britain had the most extensive railway system in the world to make transportation of raw materials easier, meaning more trade could occur, and English businessmen could acquire new markets for their trade. soon was a cause of the economic decline. Although the economy kept growing, the rate of growth wasn’t as much, meaning competition from America and Germany was a threat. This was named the ‘Great Depression’ and was a major change for the economic state of Britain.
The Industrial Revolution lead to more jobs for women outside the home and the Second Great Awakening lead to more rights for women. Due to these developments in the 1800s, women’s roles and opportunities in the work place, the family, and society were significantly altered. First, in the world of economics, women began to have more opportunity to be self-sufficient and more than a simple housewife. Due to the Industrial Revolution, manufacturing became a prominent aspect in the economic success of the United States. It provided more jobs, especially in mills.
This is because as price falls consumers can afford more goods as their real incomes increase and they feel richer. Real income is the bundle of goods and services that an individual can purchase. As we move from A1 to A2 utility increases from U1 to U2 because we move to a higher indifference curve so now the individual can now consume a better bundle of goods. This backs up the non satiation assumption of consumption which states more is better thus when we increase consumption total utility increase. The four axioms of consumption: Transitivity, Non-satiation, Marginal rate of substitution in consumption and Completeness must be met in order to be able to draw
Industrialism had both a good and a bad effect on the United States. During the 19th century the second industrial revolution took place. Industrialism brought many changes in the economy and society of America. New technologies, “trusts”, and big businesses were only some of the changes that took place. There was more land, more jobs, and more immigrants looking for a new way of life.
It also provides a wide assortment of merchandise to |There is saturation in big box format stores as well as an anticipated slowdown| |cater to different needs and tastes, hence wider markets. |in growth for home improvement products. THDC had to look for other market | |THDC invested in a major technology and operations renovation for its processes. |segments for revenue expansion. | |It made checkouts, item returns, value added services and inventory control faster|Relying less on sales people and more on
However, the accelerated progression of the country’s economy and affluence wrought consequential effects. Businesses monopolised entire industries through vertical and horizontal integration, the increase in industry attracted workers to already densely populated cities, and working conditions for the lower-to-middle class were often poor. With the unprecedented increases in population, cities were ill-equipped to support the sanitary and safety needs of the occupants. Post-Civil War demands triggered manufacturing expansion. Soon the new economic process was largely controlled by the utilisation of iron, as well as electric and steam power.
Humanities 104 Mid-Term Essay By Andrew Hart I believe the Industrial Revolution, which took place in 1760 – 1830, was the most influential event as well as milestone to how our businesses, corporations, companies, markets, and basically everything operate today. The Industrial Revolution was a time of great change for the world. Manuel labor was replaced with machines, animal and human power were replaced with new sources of energy such as water and steam, the introduction of new and large amounts of raw materials (iron and coal), and the development of new transportation methods all paved the way toward a new age. The Industrial Revolution introduced machines to textile manufacturing, iron, printing, papermaking, and engineering industries. The iron and textile industries, along with the development of the steam engine (James Watt in 1763), played central roles in the Industrial Revolution, which also saw improved systems of transportation, communication and banking.
The expansion of physical output meant that business men had a larger volume of goods to market. The change which occurred in consumption habits before the depression seems expectable mainly in terms of these four underlying trends. The introduction of a huge number of goods was one reason consumers became more prominent. With the start of everything, it was the led of the automobiles.
Mass production was taking place allowing to make more profit off of the merchandise. More profit means more pay for the workers. Cities had been starting to get bigger and bigger having more and more people coming to live in America. These newcomers were ecstatic to have new freedoms and opportunities. It was cheap labor, but it was still work.
Firstly, it will boost the country’s economy. With the rapid growth of the economy and the ageing population, there will be a demand for people to fill up the jobs that are being created or left empty by retired workers. Women are able to fill up these job vacancies in the country, providing employers with an alternative source of manpower. This will maximize the talent pool, attracting foreign investors to invest in the country. Secondly, there will be an empowerment of women.