Answer the following questions :-
1. What is meant by the term
'Industrial Revolution '?
2. Name any two consequences
of the industrial Revolution in
the economic field.
3. Mention any 2 advantages of
Industrial revolution.
4.Mention the difference between
Capitalism & Socialism
Answers
Answer:
industrial revolution means changes brought in markets and industries
Explanation:
1 The Industrial Revolution was a period of major industrialization and innovation that took place during the late 1700s and early 1800s. TheIndustrial Revolution began in Great Britain and quickly spread throughout the world
2 The two consequences of the industrial revolution in the economic field are primarily, an increase in the number of jobs and secondly an increase in the amount of 'disposable income' in the hands of the 'middle class'.
3 Two advantages of industrialisation were:The growth of industries has resulted in large scale production of goods which were available to the consumer at much cheaper rates. Industrialisation creates new job opportunities, leading to the removal of poverty to a great extent.
4 Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism isbased on government planning and limitations on private control of resources
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