Final answer:
The Industrial Revolution had a significant impact on the world economy, the production and trade of goods, and the standard of living.
Step-by-step explanation:
The Industrial Revolution had a profound impact on the world economy. It led to increased production and trade of goods, as factories were able to mass produce products more efficiently. This resulted in the creation of a global market where countries could specialize in certain industries and participate in international trade.
The production and trade of goods was transformed during the Industrial Revolution. Mechanization and technological advancements allowed for the production of goods on a much larger scale, leading to increased efficiency and productivity. This led to the growth of industries and the rise of capitalism, as businesses sought to maximize profits through the production and exchange of goods.
The standard of living improved for some individuals during the Industrial Revolution, while others faced harsh working and living conditions. The increased production and availability of goods led to improved access to consumer goods for those who could afford them. However, for many workers in factories and mines, the standard of living declined due to long working hours, low wages, and poor living conditions.
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