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Questions and Answers
What marked the beginning of the old economy?
What marked the beginning of the old economy?
- The development of technology
- The 21st century
- The industrial revolution (correct)
- The expansion of companies into new markets
What was the main reason for mass production in the old economy?
What was the main reason for mass production in the old economy?
- To reduce production costs (correct)
- To produce customized products
- To increase production costs
- To satisfy a small consumer base
What led to the expansion of companies into new markets?
What led to the expansion of companies into new markets?
- The decrease in consumer base
- The decrease in production
- The increase in production costs
- The increase in production (correct)
What is the main characteristic of the products produced in the old economy?
What is the main characteristic of the products produced in the old economy?
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Why is it important to understand the old economy?
Why is it important to understand the old economy?
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Study Notes
The Old Economy
- Industrial Revolution marked the beginning of the old economy
- Focus on producing massive quantities of standardized products
- Mass production led to cost reduction
- Increased production enabled companies to expand into new markets across geographical areas
- Mass production aimed to satisfy large consumer bases
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Description
Learn about the characteristics and features of the old economy, which started with the Industrial Revolution, and how it led to the development of the new economy in the 21st century.
