Question

The Agricultural Revolution led to development of the first economies that were based on trading goods. Eventually, the mechanization of the manufacturing process led to the Industrial Revolution and gave rise to two major competing economic systems,

A) Capitalism and socialism
B) Communism and fascism
C) Feudalism and mercantilism
D) Barter and trade

Answer 1

The Agricultural Revolution led to the development of economies based on trading goods, and the mechanization of manufacturing during the Industrial Revolution gave rise to capitalism and socialism as major economic systems.

Step-by-step explanation:

The Agricultural Revolution led to the development of the first economies based on trading goods. Subsequently, the mechanization of the manufacturing process during the Industrial Revolution gave rise to two major competing economic systems: capitalism and socialism. Under capitalism, private owners invest their capital to produce goods and services that are sold in the market. Prices and wages are determined by supply and demand. Under socialism, the means of production are commonly owned, and the government centrally controls the economy.Capitalism and socialism represent different approaches to economic organization, with capitalism emphasizing individual initiative and competition, and socialism focusing on collective ownership and centralized control.