Final answer:
During the early days of business growth, the practice of selling or bartering products from their homes was known as cottage industry. Entrepreneurs would provide raw materials to farm families who would then produce finished goods in their cottages.
Step-by-step explanation:
During the early days of business growth, the practice of selling or bartering products from their homes was known as cottage industry. Entrepreneurs would provide farm families with raw materials and ask them to produce finished goods in their cottages. These goods were then collected by the entrepreneur and sold in towns and cities. This system allowed for the mass production of commodities and reaped great profits for the entrepreneurs.
During the early days of business growth, many sold or bartered products from their homes in what became known as the cottage industry. This system was instrumental in characterizing the early years of the Industrial Revolution. In the 1700s, entrepreneurs in England utilized unemployed or underemployed farm laborers and their families to produce goods at home. These farm families, with raw materials provided by entrepreneurs, created finished products like woolen cloth, linens, bonnets, and various other items. These products were then collected and sold by the entrepreneurs in towns and cities, often yielding substantial profits due to the low wages paid to the laborers.