The Growth of Industry and the Factory System in the United

question 24

Multiple Choice

The growth of industry and the factory system in the United States was slowed by

• A) the high price of land.
• B) the scarcity of labor.
• C) limited investment capital.
• D) a small domestic market.
• E) the lack of a patent system to protect inventions.

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Definitions:

Input Prices

The cost of resources used in the production of goods or services, including raw materials, labor, and overheads.

Technological Change

Refers to the improvement or innovation in technology, affecting how goods or services are produced or delivered.

Number Of Suppliers

The total count of entities or individuals providing a specific good or service in a market.

Normal Good

A good for which demand increases as the income of the individual or economy increases, and decreases when the income decreases.