Final answer:
Industrialization is the process that transitions an economy from agriculture to factory-based manufacturing. This shift is part of broader economic transformations and is deeply influenced by globalization, urbanization, and changes in labor structures.
Step-by-step explanation:
The process that involves shifting from an agricultural economy to a factory-based one is known as industrialization. This process has been a defining characteristic of the economic development in many countries. In America, for instance, industrialization marked the transition from farm production to manufacturing production, largely due to technological advances in the 19th century. As societies undergo industrialization, there is a significant migration of populations from rural to urban areas in search of better employment opportunities. This trend is accompanied by urbanization, where trading towns evolve into industrial cities and eventually metropolitan regions.
Industrialization leads to various social and economic changes, including increased labor specialization and changes in the social structure, as seen in China's industrial shift. Furthermore, the globalization of production and consumption significantly influences the process of industrialization, alongside shifts like deindustrialization, which is the loss of industrial production in favor of peripheral nations with lower costs.