Principles Of Macroeconomics V 8.0
Principles Of Macroeconomics V 8.0
18th Edition
ISBN: 9781453378717
Author: Taylor
Publisher: BOSTON ACADEMIC (DBA FLAT WORLD)
Textbook Question
Book Icon
Chapter 7, Problem 1SCQ

Explain what the Industrial Revolution was and where it began.

Expert Solution & Answer
Check Mark
To determine

To write:

About Industrial revolution and the location of its inception.

Answer to Problem 1SCQ

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 of Solution

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.

Economics Concept Introduction

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

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
Write a detailed note on Industrial Revolution
How are cities related to farming and the Industrial Revolution?
what was the economic and managerial legacy of the Industrial Revolution? what were the challenges?

Chapter 7 Solutions

Principles Of Macroeconomics V 8.0

Knowledge Booster
Background pattern image
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
Microeconomics A Contemporary Intro
Economics
ISBN:9781285635101
Author:MCEACHERN
Publisher:Cengage
Text book image
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co
Text book image
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Text book image
Microeconomics
Economics
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Cengage Learning