Upon investigation, which factor of production grew in prominence due to industrialization?(1 point)
Responses
capital
resources
land
capitalism
capital
are u sure
Yes, I am sure. Capital, specifically financial capital or money, grew in prominence due to industrialization. Industrialization led to increased production and trade, which required a significant amount of capital investment for machinery, infrastructure, and expansion of businesses. As a result, those who had access to capital were able to invest in and benefit from the industrialization process.
The factor of production that grew in prominence due to industrialization is capital. To understand why, let's first define what capital is. Capital refers to the financial resources, tools, machinery, and equipment needed for production. It can include things like factories, vehicles, technology, and money.
During industrialization, there was a significant increase in the use of machinery and technology to mass-produce goods. This required a substantial amount of capital investment to acquire and maintain the necessary equipment and infrastructure. Entrepreneurs and businesses needed to accumulate sufficient financial resources to invest in these capital-intensive industries.
Capitalism, on the other hand, is an economic system where private businesses and individuals own and operate the means of production. Industrialization often coincided with the growth and spread of capitalism. This economic system encourages the accumulation and investment of capital. As industrialization increased, the demand for capital investment also grew, leading to the prominence of capital as a factor of production.
To summarize, capital grew in prominence during industrialization due to the increased need for financial resources and the expansion of capital-intensive industries, which was facilitated by the growth of capitalism as an economic system.