Huge Factories Replaced Skilled Artisan Workshops During the _____

question 35

Multiple Choice

Huge factories replaced skilled artisan workshops during the _____.

• A)industrial revolution
• B)entrepreneurship era
• C)production era
• D)marketing revolution

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Definitions:

Comparative Advantage

The ability of an individual, company, or country to produce goods or services at a lower opportunity cost than competitors.

International Specialization

The economic strategy where countries focus on producing goods and services they are most efficient at in order to trade for goods they are less efficient at producing.

Domestic Consumers

Individuals or households within a country that purchase goods and services for personal use or consumption.