his particular event is related to the topic technological revolution because there were huge dramatic changes in the social and economic viewpoint that were driven by technology and inventions. The article has explained briefly on the overall impacts of the industrial revolution to the world economy and supported the significant development of economic growth in variou sectors like agriculture, industries, and transportation.
Critical Analysis
When the machines started to take over factories and became the most important assets of the businesses, the productions rose in large-scale. This resulted in cheaper price as greater supply. This is related to one of the economy concept, Law of Demand which states that the lower the price of a good, the greater the quantity demanded; the higher the price of a good, the smaller the quantity demanded. Besides, if the price decreases, more quantity is supplied that is stated in the Law of Supply. When the price decreased, this would benefit both the people and the businesses because lesser money is being paid by consumers and more profit is being earned by businesses. Furthermore, the income of the people rose unexpectedly with 10-15 fold. However, this would increase the unemployment rate about 8% high per year in 1820 because machines were taking over labours(Majewski, 1986). More rural areas were being industrialized, affecting the local community and environment. This shows the downside of the industrial revolutions. In addition, new inventions of steam, coal and expansions in railroads also increased the efficiency levels of 20-25% from all sectors especially in Britain. At such high rate of productivity, this would lead to more productions and decrease in price with greater quantity demanded. This forms a chain of a cycle, as consumer's demand increases allow businesses to invest in machines to speed up the production, leading to more profit. In conclusion, the main idea of the article is related to the concepts of Law of Demand and Supply because of the growth of production.
CONCLUSION NOTE
From the Publisher
echnological innovation is
regarded to be the primary
source in economic development to various of different sectors. As years go by, the economy relies more on technology. Therefore, technological advancement and economic growth become genuinely related to each other. The purpose of this is to observe and analyse the trend and make future predictions of the trend based on the past, current and future events.
In the past, global economy experienced massive reccurring trends. Initially, the significant economic growth was evident. Since the industrial revolution in the late 18th century, there was an increasing number of overall production, which resulted in greater demands due to the lower price. According to the law of supply that states that the lower the price, the higher the quantity supplied, and vice versa. This was applied to the past events as the technology brings greater production that leads to lower price, which means more demands. This trend has created a period of economic prosperity that lasted for about 30 years, also known as the roaring twenties. Before the industrial revolution, there was a period of time where the agriculture production increased unprecedentedly due to the technological improvement. The invention of seed drill allowed the farmers to produce a greater quality of crops (improve germination) for lower costs (reduce labors and seeds) and with the same amount of resources. This demonstrates the economic theory of absolute advantage as technology allows it to produce a good for lower opportunity cost. Overall, when technology was first introduced to the world during the past events, it brought a massive impact on the economic growth.
In the current century, the global economy is stabilised and has grown slightly in every year after the Great Depression event that reminds the people that the capital investments and labours should be equally balanced. Looking through the trend from information and revolution social media, one can see is that technology is now focusing more on the businesses or society rather than the production.
Trend Analysis
T