HIS241H1 Chapter : industrial revolution
Document Summary
Microeconomics- the part of economics concerned with single factors and the effects if individual traditions (ex. the iron industry or income) Macroeconomics- the part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity. Objected to the idea of history as limitless societal improvement. The power if population is indefinitely greater then the power of the earth to produce subsistence for men y. This all would have been true, until the industrial revolution and changes in agricultural production. Living standards produces changes on social standards (number of children ) The industrial revolution was an increase of the already existing sectors of economy. (changes in the interpretation of the old data, trade data, industrialisation cannot be based in the inventions) Britain s path of industrialization was different of that on the continent. Primary sector of the economy: extraction of raw materials for use in other industries.
