What economy was based on manufacturing?
Industrialization
is a transformation away from an agricultural- or resource-based economy, toward an economy based on mass manufacturing.
What is Western economy?
Western economics is
the name given by Chinese scholars to the economic theories that have emerged and prevailed in developed western countries with a capitalist market economy
[1]. It is a concept with rich connotations and somewhat vague extensions.
What did the economy of the southern colonies depend on?
The southern colonies’ economy was based on
agriculture (farming)
. Many of the colonists who came to the southern colonies were rich aristocrats or businessmen from England and they wanted to become even more wealthy from owning land.
What was the West economy based on?
During the Gold Rush days,
farming and mining
were the West Region’s major industries. Other businesses began as more people moved into the region. Today, farming and mining are still done. You will also find manufacturing, technology, and tourism in the region.
How were the economies of the North and South the same?
The economies of both sides
relied heavily on farming
, and both used similar methods to work the land. Although the North experienced far more industrialization, farming factored just as heavily into its economy as in the South.
Northern states experienced greater urbanization and industrialization, while the Southern states largely remained rural (with only a few well-populated urban areas) and focused on plantation agriculture. The population of the Northern states was more than twice that of Southern states.
manufacturing,
any industry that makes products from raw materials by the use of manual labour or machinery and that is usually carried out systematically with a division of labour
.
ADVERTISEMENTS: Commercial economics is
the study of economic principles and concepts used in decision-making
and as such it lies on the border line of economics and business management. Commercial economics bridges the gap between economics on the one hand and business management on the other.
This process began in
Britain
in the 18th century and from there spread to other parts of the world. Although used earlier by French writers, the term Industrial Revolution was first popularized by the English economic historian Arnold Toynbee (1852–83) to describe Britain’s economic development from 1760 to 1840.
A market economy is
an economic system where two forces, known as supply and demand, direct the production of goods and services
. Market economies are not controlled by a central authority (like a government) and are instead based on voluntary exchange.
Life in colonial America was based
largely on agriculture
. Most colonists farmed or made their livings from related activities such as milling flour. Geography played an important role in the colonies’ economic development.
The New England colonies developed an economy based on
shipbuilding, fishing, lumbering, small- scale subsistence farming, and eventually, manufacturing
. The colonies prospered, reflecting the Puritans’ strong belief in the values of hard work and thrift.
In 1800, the economy was
small and largely agricultural based
, but by the end of the 19th century, the U.S. had one of the largest industrial economies in the world.
The North’s economy was better off during the war than the South’s was. The North had more factories.
Almost ninety percent of manufactured goods were made in the North
. There were more miles of railroad in the North, too.
Southern cities were small because
they failed to develop diversified economies
. Unlike the cities of the North, southern cities rarely became processing or finishing centers and southern ports rarely engaged in international trade.
The North had an
industrial economy
, an economy focused on manufacturing, while the South had an agricultural economy, an economy focused on farming. Slaves worked on Southern plantations to farm crops, and Northerners would buy these crops to produce goods that they could sell.
The North had geographic advantages, too.
It had more farms than the South
to provide food for troops. Its land contained most of the country’s iron, coal, copper, and gold.
Before the Industrial Revolution,
most goods were produced in small workshops or at home
. Mass production in factories made it possible to manufacture goods more cheaply and quickly.
Economic systems can be categorized into four main types:
traditional economies, command economies, mixed economies, and market economies
.
