10 Questions
During the Industrial Revolution, which industry became the dominant industry in terms of employment, value of output, and capital invested?
Textile industry
What was the period of the Industrial Revolution?
1760-1820
What were some of the key changes that occurred during the Industrial Revolution?
Introduction of new chemical manufacturing processes
What was one of the factors that contributed to the increase in output during the Industrial Revolution?
Rise of the mechanized factory system
Where did the Industrial Revolution start?
Great Britain
Which of the following best describes diminishing returns in economics?
The decrease in marginal output as the amount of a single factor of production is increased
What is the law of diminishing returns also known as?
The law of diminishing marginal productivity
What happens to productivity and efficiency under diminishing returns?
They decrease
What does the law of diminishing returns define?
A point on a production curve where producing an additional unit of output will result in a loss
What does the law of diminishing returns not cause?
An increase in overall production capabilities
Study Notes
Industrial Revolution
- The textile industry became the dominant industry in terms of employment, value of output, and capital invested during the Industrial Revolution.
Time Period
- The Industrial Revolution took place during a specific period, which is not specified in this text.
Key Changes
- Some key changes that occurred during the Industrial Revolution include: (Changes are not specified in this text, but generally include shift from manual labor to machine-based manufacturing, development of new energy sources, and growth of factories and mass production.)
Increase in Output
- One of the factors that contributed to the increase in output during the Industrial Revolution was: (Factor is not specified in this text, but generally include technological advancements, division of labor, and increased investment in capital goods.)
Starting Point
- The Industrial Revolution started in Britain.
Diminishing Returns
- Diminishing returns in economics can be best described as: (Definition is not specified in this text, but generally refers to the phenomenon where the marginal output of a production process decreases as the quantity of a variable input (such as labor) is increased, while holding other inputs constant.)
Law of Diminishing Returns
- The law of diminishing returns is also known as the law of variable proportions.
Productivity and Efficiency
- Under diminishing returns, productivity and efficiency decrease.
Definition of Law of Diminishing Returns
- The law of diminishing returns defines the relationship between the quantity of a variable input and the resulting output, where the marginal output decreases as the input increases.
What Law of Diminishing Returns Does Not Cause
- The law of diminishing returns does not cause an increase in productivity and efficiency.
Test your knowledge on the Industrial Revolution and its impact on global economy and manufacturing processes. Explore the key players, inventions, and societal changes that shaped this transformative period in history.
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