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Essay

Instructions: Please write a thorough, well-organized essay to answer each question. What developments characterized the "second industrial revolution"? How did the pace and processes of industrialization between 1870 and World War I differ from earlier industrialization?


Definitions:

Fixed Costs

Costs that do not vary with the level of output or production, such as rent, salaries, and insurance premiums.

Sales Volume

The total quantity of products or services sold by a company within a specific period, often used as a measure of business activity.

Break Even

The point at which total costs and total revenues are equal, resulting in no net loss or gain.

Breakeven Point

The point at which total costs and total revenue are equal, meaning a business is neither making a loss nor a profit.

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