Explain what the Industrial Revolution was and where it began.

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Answer 1

Textbook Question

Chapter 7, Problem 1SCQ

Explain what the Industrial Revolution was and where it began.

Expert Solution & Answer

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 18^th century to early 19^th 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.

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As indicated in the attached image, U.S. earnings for high- and low-skill workers as measured by educational attainment began diverging in the 1980s. The remaining questions in this problem set use the model for the labor market developed in class to walk through potential explanations for this trend. 1. Assume that there are just two types of workers, low- and high-skill. As a result, there are two labor markets: supply and demand for low-skill workers and supply and demand for high-skill workers. Using two carefully drawn labor-market figures, show that an increase in the demand for high skill workers can explain an increase in the relative wage of high-skill workers. 2. Using the same assumptions as in the previous question, use two carefully drawn labor-market figures to show that an increase in the supply of low-skill workers can explain an increase in the relative wage of high-skill workers.

Answer 2

Textbook Question

Chapter 7, Problem 1SCQ

Explain what the Industrial Revolution was and where it began.

Expert Solution & Answer

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 18^th century to early 19^th 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.

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Answer 3

Textbook Question

Chapter 7, Problem 1SCQ

Explain what the Industrial Revolution was and where it began.

Expert Solution & Answer

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 18^th century to early 19^th 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.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter 7, Problem 1SCQ

Explain what the Industrial Revolution was and where it began.

Expert Solution & Answer

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 18^th century to early 19^th 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.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

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 18^th century to early 19^th 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.

Answer 8

Expert Solution & Answer

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 18^th century to early 19^th 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.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

To write:

About Industrial revolution and the location of its inception.

Answer 12

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.

Answer 13

Explanation of Solution

From the late 18^th century to early 19^th 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.

Answer 14

Economics Concept Introduction

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

Answer 15

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Explain what the Industrial Revolution was and where it began.

Answer to Problem 1SCQ

Explanation of Solution

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