The Industrial Revolution Changed the Mode of Production from Small

question 10

Multiple Choice

The Industrial Revolution changed the mode of production from small workshops to big factories.In the process,many craftsmen lost their jobs and reacted by attacking factories and breaking machinery.In Great Britain,those people were known as

• A)common criminals.
• B)saboteurs.
• C)wreckers.
• D)Luddites.
• E)union thugs.

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Definitions:

Opportunity Cost

A different way to describe it would be the cost of missing out on the benefits of the second-best option when a choice is made.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs and technology, demonstrating the concept of opportunity cost.

Consumption Possibilities Frontier

A curve depicting the maximum combinations of goods and services a consumer can afford with a given budget, subject to prices.

Production Possibilities

The different quantities of goods that an economy can produce using all available resources and technology effectively.