Which of the following describes how the Industrial Revolution affected economic practices

The Industrial Revolution had a profound impact on economic practices. Some key aspects include:

1. Shift from Agrarian to Industrial Economy:

• The Industrial Revolution marked a transition from agrarian and handcraft-based economies to industrial economies. The introduction of mechanized production processes in factories led to increased efficiency and productivity.

2. Rise of Factory System:

• The factory system emerged, bringing together large numbers of workers under one roof to operate machinery and mass-produce goods. This centralized mode of production transformed the organization of work.

3. Urbanization:

• Industrialization led to significant urbanization as people moved from rural areas to cities in search of employment in factories. This shift changed settlement patterns and created new economic and social challenges.

4. Technological Advancements:

• The Industrial Revolution was characterized by technological advancements, including the invention of steam engines, spinning jennies, power looms, and other innovations. These technologies revolutionized manufacturing processes.

5. Capitalism and Market Economy:

• The Industrial Revolution played a role in the development and spread of capitalism. It led to the establishment of market economies, where goods and services were produced and exchanged for profit.

6. Expansion of Trade:

• The increased production of goods and the development of transportation infrastructure, such as railways and steamships, facilitated the expansion of domestic and international trade.

7. Labor Exploitation:

• The rapid industrialization also brought challenges such as poor working conditions, long hours, and child labor. Labor movements emerged in response to these issues, advocating for workers' rights and better working conditions.

8. Specialization and Interconnectedness:

• Economic practices became more specialized and interconnected. Different regions and countries began to specialize in the production of certain goods, contributing to the development of a global economy.

9. Financial Systems:

• The Industrial Revolution spurred the growth of financial systems and institutions to support the capital requirements of industrial enterprises. This included the development of banks and financial markets.

10. Economic Growth and Standard of Living:

• Overall, the Industrial Revolution contributed to significant economic growth, but its benefits were not evenly distributed. While some experienced improved standards of living, others faced exploitation and challenging working conditions.

It's important to note that the impact of the Industrial Revolution varied across regions and industries, and its consequences continue to shape modern economic systems.