What was a key factor contributing to the economic growth brought about by the factory system during the industrial revolution?

Question

Responses

Decreased demand for goods in domestic and international markets. - incorrect

Introduction of new technologies and machinery like interchangeable parts and the power loom. - correct

Lack of investment opportunities in industrial sectors. - incorrect

Limited access to raw materials and resources. - incorrect

explain how you get the correct answer

Answer 1

The introduction of new technologies and machinery like interchangeable parts and the power loom was a key factor contributing to the economic growth brought about by the factory system during the industrial revolution. These new advancements increased efficiency and productivity in manufacturing processes, leading to increased output of goods and ultimately economic growth. This allowed for the mass production of goods at a lower cost, making them more accessible to a larger population and driving economic growth.