conomic Engine: How did improved transportation during the Industrial Revolution impact factors like production, trade, and market reach for manufactured goods
Question
Economic Engine: How did improved transportation during the Industrial Revolution impact factors like production, trade, and market reach for manufactured goods
Solution
The Industrial Revolution, which took place from the 18th to 19th centuries, was a period during which predominantly agrarian, rural societies in Europe and America became industrial and urban. Improved transportation was one of the key factors that supported this shift. Here's how it impacted production, trade, and market reach for manufactured goods:
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Production: Improved transportation allowed for faster movement of raw materials to factories and finished goods to markets. This meant that factories could produce more because they were receiving raw materials more quickly. Also, the faster movement of finished goods reduced the time between production and sale, increasing the turnover rate and thus, the potential for profit.
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Trade: With improved transportation, goods could be moved more quickly and over longer distances. This meant that trade was no longer limited to local or regional areas. Goods produced in one part of the country, or even in a different country, could be transported and sold in another. This not only increased the volume of trade but also the variety of goods available in different markets.
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Market Reach: The ability to move goods over longer distances meant that manufacturers could reach a larger number of potential customers. This expanded market reach meant that factories could
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