Question

List and explain 3 ways the Market Revolution changed American economic life.

A) A shift from an agrarian economy to an industrial one, leading to increased urbanization.
B) The emergence of factory-based production and the growth of the wage labor force.
C) Expansion of the barter system in rural areas.
D) A decrease in international trade and isolationist economic policies.

Answer 1

The Market Revolution transformed American economic life through the shift to an industrial economy, the emergence of factory-based production and wage labor, and the development of a domestic market.

Step-by-step explanation:

The Market Revolution brought significant changes to American economic life. Here are three ways it transformed the country:

1. Shift from an agrarian economy to an industrial one: The Market Revolution led to the rise of factories and the mass production of goods. This transition from a primarily agricultural society to an industrial one resulted in increased urbanization as people flocked to cities in search of employment.
2. Emergence of factory-based production and wage labor: With the establishment of factories, there was a shift from individual craftsmanship to the production of goods on a large scale. This change created a growing wage labor force, with workers being employed in factories and earning wages for their work.
3. Development of a domestic market: As a result of the Market Revolution, the United States became less reliant on imports and instead focused on producing goods domestically. American farmers produced raw materials like cotton, which were then turned into finished products by American manufacturers.