Upon investigation, which factor of production grew in prominence due to industrialization?(1 point) Responses resources resources land land capitalism capitalism capital
capital
Capital grew in prominence due to industrialization.
The factor of production that grew in prominence due to industrialization is capital. Industrialization is the process of transitioning from an agrarian and manual labor-based economy to one that is mechanized and driven by machinery and factories. During this period, there was a shift towards producing goods on a larger scale, which required significant investment in technology, machinery, and infrastructure.
To understand this, you can look at the definition and characteristics of the different factors of production. The factors of production are the inputs needed to produce goods and services in an economy. The main factors of production are land, labor, capital, and entrepreneurship.
1. Land: This refers to all natural resources, including physical land, minerals, and water.
2. Labor: This represents the human effort and work required to produce goods and services.
3. Capital: This refers to the financial resources, machinery, equipment, and technology needed to produce goods and services.
4. Entrepreneurship: This is the ability of individuals to organize and combine the other factors of production to create new businesses and ventures.
During industrialization, there was a significant increase in the use of machinery and technology in production processes. This required a substantial investment in capital, including the purchase of machinery, construction of factories, and development of transportation and infrastructure networks.
Therefore, as industrialization progressed, the factor of production that grew in prominence was capital, as it became increasingly important for economic growth and the expansion of industrial activities.