costs and an increase in efficiency in industries. This resulted in a decrease in the price of goods and services, making them more affordable and accessible to a larger population. It also led to increased productivity and economic growth. Additionally, the growth of railroads allowed for the expansion of markets and the transportation of goods over long distances, further contributing to the decrease in costs and the increase in efficiency. The principles of free enterprise and competition encouraged innovation and the development of new technologies, further driving down costs and increasing efficiency. Lastly, the introduction of mass production techniques, such as the assembly line, allowed for the production of goods on a larger scale, reducing costs and increasing efficiency even further. Ultimately, this decrease in costs and increase in efficiency had a significant impact on the standard of living and economic prosperity of societies.
