What is the importance of Industrial Revolution in our economy?
Industrial Revolution has transitioned in the economic development
and includes the agriculture and includes the handicrafts that follow over the economies and later on it would transit in the large-scale industry. The industrial revolution also evolves around manufacturing and brings in the factory system. Thus, the industrial revolution changed the world by bringing a transformation in the economy, business, and society that make a growing country a developing country. New machines, sources of power, new ways of organizing work made the industries much more productive and efficient.
This revolution transformed economies that had been based on
agriculture and handicrafts into economies based on large-scale industries and the factory system. These huge changes had major effects on the world and even still continue to shape to date. The industrial economy absorbed underemployed and jobless employees from the agricultural sector, resulting in an increase in the economy's income. With more jobs and more goods and services, we're able to be produced faster and in a more efficient way. The industrial revolution ensured that there was optimum utilization of scarce resources and thus the quality and quantity of the manufacturing sector increased thereby increasing the national economies. In both small and large-scale enterprises, the industrial revolution boosted job prospects.