Economics Industrialization Questions
The role of technology in industrialization is crucial as it drives the process of transforming traditional manual labor-based economies into modern industrial economies. Technology enables the development and implementation of new machinery, tools, and techniques, leading to increased productivity, efficiency, and output in various industries. It facilitates the mass production of goods, reduces production costs, and improves the quality of products. Additionally, technology promotes specialization and division of labor, allowing for the growth of large-scale factories and the expansion of industries. It also plays a significant role in transportation and communication, facilitating the movement of goods, services, and information across regions and nations. Overall, technology acts as a catalyst for industrialization, promoting economic growth, development, and societal transformation.