What Was a Major Reason for the Surge in Production

question 131

Multiple Choice

What was a major reason for the surge in production efficiency during the Industrial Revolution?

• A) There was a switch from an economy that produced mostly goods to an economy that produced mainly services.
• B) Workers in this era began to take more pride and increased ownership in their ability to produce quality goods and services.
• C) Technological advances gave rise to the mass production of goods in huge factories.
• D) Major new sources of natural resources such as coal, iron, and petroleum were discovered.

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Definitions:

Qualitative Factors

Non-numerical elements that influence business decisions, like brand reputation or customer satisfaction.

Outsourcing Decision

The choice made by a business to contract out certain tasks or services to external providers rather than performing them internally.

Financial Stability

The state of being able to withstand economic fluctuations and financial pressures without significant distress or risk of failure.

Carrying Amount

The value at which an asset is recognized on the balance sheet after deducting any accumulated depreciation or amortization.