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How did the Industrial Revolution impact the development of modern economic systems in your answer identify the economic systems that arose during this period?

The Industrial Revolution transformed economies that had been based on agriculture and handicrafts into economies based on large-scale industry, mechanized manufacturing, and the factory system. New machines, new power sources, and new ways of organizing work made existing industries more productive and efficient.

What key social and economic changes did industrialization bring about both for the better and worse?

The Industrial Revolution brought rapid urbanization or the movement of people to cities. Changes in farming, soaring population growth, and an ever-increasing demand for workers led masses of people to migrate from farms to cities. Almost overnight, small towns around coal or iron mines mushroomed into cities.

What effects did free enterprise have during the Industrial Revolution quizlet?

How did the free enterprise system encourage the Industrial Revolution? It encouraged the Industrial Revolution by allowing businesses to work for profit with minimal regulation beyond what is necessary to protect the public interest, caused Entrepreneurs to thrive and compete among each other.

What key social and economic changes did industrialization bring about both for the better and for the worst explain your answer with evidence from the text?

The Industrial Revolution increased the standard of living for many by the big quantities of goods for lower prices produced by the factory system. Social mobility became more accessible and increased political rights.