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Economics
The field of social science focusing on the decision-making processes used by individuals, governments, businesses, and countries in distributing limited resources to fulfill their endless desires.
Industrial Revolution
A period of major industrialization that took place during the late 1700s and early 1800s, leading to significant changes in technology, economy, and society.
Modern Factory System
An approach to manufacturing that involves large-scale, mechanized production methods, often under one roof or within one facility, leading to the increased efficiency and production output.
Marginalism
An economic principle that deals with the additional or marginal changes in costs and benefits for a unit increase or decrease in production or consumption.
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