Identity two major efforts of new technology on business during the industrial revolution.(2points)

Answer 1

During the Industrial Revolution, two major technological advancements significantly impacted business:

1. Steam Power: The introduction of the steam engine revolutionized various industries, particularly manufacturing and transportation. Steam power allowed factories to operate machinery more efficiently, increasing production capacity and reducing reliance on water power or manual labor. This led to the establishment of larger factories and the growth of industries such as textiles, coal mining, and iron production.

2. The Spinning Jenny: Invented by James Hargreaves in the 1760s, the Spinning Jenny was a multi-spindle spinning frame that greatly increased the amount of yarn produced by a single worker. This innovation played a crucial role in the textile industry, reducing labor costs and increasing productivity. The ability to produce yarn more efficiently contributed to the growth of the textile industry and facilitated mass production, which in turn transformed business practices and consumer markets.

These technological advances contributed to increased production efficiency, lower costs, and the rise of factory-based economies, ultimately reshaping the business landscape.