The Invention of the Steam Engine Ushered in the Following

question 125

Multiple Choice

The invention of the steam engine ushered in the following developments, except

• A) mass-production in industrial factories, for the first time.
• B) much easier and cheaper transportation of resources and products.
• C) a sharp reduction in trade as many societies specialized.
• D) major population shifts, from farms to towns and cities.

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Definitions:

Cost of Merchandise Sold

The direct costs attributable to the goods sold by a company, including the cost of the material and labor directly used in creating the goods.

Merchandising Company

A business that purchases finished goods for resale, making a profit on the sales margin.

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, highlighting revenue, expenses, and profits or losses.

Merchandise Inventory

Goods that a company holds with the intent to sell them as part of its business operations; considered a current asset on the balance sheet.