Discuss and Trace the Role of the Factory in the Early

question 63

Essay

Discuss and trace the role of the factory in the early Industrial Revolution.What made the factory system possible? What impact did it have on the lives of workers, especially on women and children?

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Definitions:

X-Inefficiency

The difference between actual output and the maximum possible output that could be achieved with the same input of resources, due to inefficiencies within a firm.

Dynamic Change

The process of constant, sometimes unpredictable change within systems or environments, affecting economic, social, or technological aspects over time.

Usury Laws

Legislation that limits the amount of interest that can be charged on loans.

Low-Income Borrowers

Individuals or households with lower income who may face greater challenges or higher costs when trying to secure loans.