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Industrial Revolution Began in Great Britain

Industrial Revolution Began in Great Britain. 25.1. The Factors of Production . Land represents all natural resources L abor is all of the work that laborers and workers perform Capital is the wealth that provides all of the tools and machinery used to produce a good or service.

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Industrial Revolution Began in Great Britain

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  1. Industrial Revolution Began in Great Britain 25.1

  2. The Factors of Production • Land represents all natural resources • Labor is all of the work that laborers and workers perform • Capital is the wealth that provides all of the tools and machinery used to produce a good or service. All were essential for Industrialization to begin.

  3. Large Population • England's population mushroomed as food supplies increased and living conditions improved. The population of cities swelled. Farmers moving to the cities to become factory workers due to the enclosure movement also contributed.

  4. Natural Resources Extensive natural resources: water power and coal to fuel the new machines; iron ore to construct machines, tools, and buildings; rivers for inland transportation; harbors from which merchant ships set sail

  5. Expanding Economy Wealthy entrepreneurs (A person who organizes, manages, and takes on the risks of a business) were ready to invest capital in industrialization (in the manufacture of new inventions)

  6. Highly Developed Banking System • Banks made loans available for business to invest in new machinery which expanded their business operations

  7. Demand for Goods • Caused by the increase demand for goods • This caused economic prosperity which spurred on overseas trade

  8. Britain’s Government • Britain’s government was stable, the wars GB fought- they were successful, better yet they were not fought on British soil • Parliament also passed laws to help encourage and protect business ventures.

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